Georgian Business Brokerage could not sell Georgian Airways, which was in the process of insolvency/rehabilitation since December 31, 2021. This was announced by Roman Bokeria, the founder of the brokerage company, who was the CEO of Georgian Airways until October 2021.
"We removed it from sales in early April. Unfortunately, we could not sell the air company," Bokeria replied.
Georgian Airways was brought for sale in January this year and its value was USD 150 million.
According to Roman Bokeria, as of the legislation a foreign party cannot own a majority stake in the Georgian National Airline, so only 49% of the company can be sold through a deal.
As you know, Georgia has signed an "Treaty On Open Skies" with the European Union, according to which the Georgian side must own at least 51% of the country's national airline. Correspondingly, only residents of non-EU countries, which are not members of Treaty Open Skies, can buy 100% of the company.
