13.Jun .2022 17:00

IDS BORJOMI International To Transfers Only 7.73% Of Its Shares To The State For Free

IDS BORJOMI International To Transfers Only 7.73% Of Its Shares To The State For Free
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Company IDS Borjomi published a statement about the transfer of shares to IDS BORJOMI International to the state free of charge. BM.GE offers the company’s statement unchanged:

"On June 13, 2022, company IDS BORJOMI International will transfer 7.73% share of the company to the Government of Georgia for free of charge.
As a result of the agreement:

• The controlling shareholder will no longer have the regulatory power of IDS BORJOMI International.
• The Number of controlling shareholders will be reduced from 8 to 2 members.
• The Chairman of the Board of Directors of IDS BORJOMI International will be a representative of the Government of Georgia.

“The shareholders of IDS BORJOMI International have always cared about the success of the company, in each country or market. IDS BORJOMI is grateful to the Government of Georgia for supporting this agreement. In this difficult situation, this decision allows the company to continue its long-term development," said Elkhan Alnazarov, a member of IDS BORJOMI International's board of directors.

In December 2012, an agreement was reached between Russian billionaire Mikhail Friedman's Alfa Group and the Patarkatsishvili family. Alfa agreed to acquire a 60% stake in IDS Borjomi International for USD 460 million, while the family would retain a 40% stake in the company.

According to today's statement, the sanctioned party owned a maximum of 57.72% of Borjomi shares, but now after the alienation of 7.73%, 50.01% of the company's shares will now be in the hands of unauthorized owners, the Patarkatsishvili family and the state of Georgia.