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Armenian "TIM Invest" Acquired A 30% Share Of The Georgian Internet Provider "Skytel"

02.06.23 14:00

The Armenian investment company "TIM Invest" acquired a 30% stake in the Georgian telecommunications company "Skytel". Corresponding changes have already been reflected in the Public Registry.

"Skytel" has been operating in the Georgian market since 2010. The company serves more than 52,000 subscribers of fixed broadband Internet in the regions of Georgia - Imereti, Samegrelo-Zemo Svaneti, Adjara, Guria, Shida Kartli, Kvemo Kartli, Samtskhe Javakheti and Kakheti. With this indicator, it occupies the third position in the fixed internet market after Magti and Silkneti.

Currently, the 2021 financial report of company "Skytel" is publicly published. According to it, the company had an income of GEL 18 million and a loss of GEL 1.1 million during the year.

The assets of the company amount to GEL 41.8 million, while the liabilities amount to GEL 23.7 million.

Currently, the list of partners of the company is distributed as follows:

JSC TIM Invest (Armenia) - 30%;
Besiki Mosashvili - 30%;
Nino Totadze - 20%;
Levan Khundadze - 15%;
Eduardi Janoashvili - 5%.
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