Kazakh Bank Buys Georgia’s Largest Telephone Operator for USD 90 mln
The Kazakh bank TuranAlem will pay USD 90 million for the Georgia’s largest local and international telephone operator company – the United Telecommunication Company of Georgia (UTCG), after having won a tender on May 12.
The U.S. company Metromedia International Group, Inc. was also bidding for the company’s shares.
The Georgian Economy Ministry announced on April 12 that it would be accepting privatization bids for the country’s largest telephone operator company for an initial price of USD 50 million.
Kazakh Bank TuranAlem (BTA), whose assets exceed USD 9 billion, opened a branch office in Tbilisi last August. The BTA started implementing a USD 100 million investment project, involving the reconstruction of the hotel Iveria, in downtown Tbilisi, into a five-star hotel, as well as renovating all of Republic Square, where the hotel is located.
According to the BTA’s web-site the bank is the leader in creation of banking network in the Commonwealth of Independent States (CIS), whose representative offices network spans over Russia, Belarus, Kyrgyzstan, Ukraine, Armenia, Tajikistan, Georgia and China.
The BTA shareholders are EBRD, Austrian Raiffeisen Zentralbank (RZB), IFC and the Netherlands Development Finance Company (FMO).
This post is also available in: ქართული (Georgian) Русский (Russian)
