06 June 2004 00:16
Russian group to invest up to 200m dollars in Georgia over three years
Moscow, 6 June: The Industrial Investors group intends to invest up to 200m dollars in Georgia over three years,
chairman of the association for the protection of investors' rights and Business Russia co-chairman Sergey
Generalov has told RIA-Novosti.
He said the holding group, which already owns shipping assets (the Far Eastern Sea Shipping Company) is interested in
particular in buying the ports of Poti and Batumi.
Furthermore, the group intends to increase its stake in the Zestaponi ferroalloy works in Western Georgia to gain
overall control of it. Last year the holding group bought a blocking shareholding in this former Soviet industrial
giant.
Generalov said the stake would be increased within three to four months.
The holding company is also in talks with the Georgian government about buying the Chiatura mining and processing
works which extracts ferromanganese ore for the metal works in Zestaponi.
"The Chiatura works is undergoing a bankruptcy procedure. We are discussing sale options with the (Georgian)
government," Generalov said. "In July, the (Georgian) government is to choose what to do with the enterprise -
sell shares and restructure its debts, or let it go bust and sell," he explained. [Passage omitted]
[RIA news agency] |
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