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Georgia Capital Water Utility Business Ends Deal With Government

Tue, 16th Apr 2019 10:20


LONDON (Alliance News) - Georgia Capital PLC on Tuesday said that its water utility business signed a privatisation exit agreement with the Government of Georgia, after completing its investment obligations.

Under the agreement with the Government of Georgia, National Agency of State Property and Government of Tbilisi City, unconditional ownership title over Georgia Capital's water utility business shareholdings and assets has been confirmed.

The company owns the water business, privatised in 2008, through Georgian Global Utilities.

Georgia Capital Chair Irakli Gilauri said: "I am delighted to announce that our water utility business fulfilled and discharged all of its contractual obligations towards the Government of Georgia within the set timeframe."

"Holding unconditional title over its shares and assets will allow the Company to further deliver on its strategic objectives and firmly follow its path towards successful value realisation over the next few years," Gilauri added.

Georgia Capital shares were flat at 1,062.00 pence each on Tuesday morning.

By Elena Cherubini; elenacherubini@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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