Bank Of Georgia Bought Georgian Locomotives Manufacturer Factory For GEL 19.5 MLN
Bank of Georgia bought Georgian Locomotives Manufacturer Factory (JSC Elmavalmshenebeli), located on Guramishvili Avenue in Tbilisi, on a land area of 22 hectares. The bank bought the factory at the auction and paid GEL 19.5 million.
The facility was sold by the National Enforcement Bureau on Friday, after the failure of the first auction, where the estimated value of the factory was GEL 49 million.
According to the National Bureau of Enforcement, the assets of the factory amounted to GEL 97.6 million, therefore it was sold at 80% discount.
Georgian Locomotives Manufacturer Factory was auctioned due to unpaid obligations. Accoridng to the city court, the factory owed a debt of GEL 15 million to the Bank of Georgia, moreover, the company also had a debt of 20 million to other creditors.
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