Georgia says will not sell controlling stakes in state firms
TBILISI – The Georgian government does not intend to sell controlling stakes in state companies "now or in the future", Prime Minister Nika Gilauri said Wednesday.
He told a cabinet meeting that the government's goal is to put on sale no more than 49 percent of shares in strategic companies in international exchanges. Thus, these companies will still be managed by the government.
"As a result of such transactions, it will be possible to create jobs, attracting hundreds of millions of dollars and promoting economic growth. This is a common transaction. Many countries have passed this way, and the shares of many state-owned companies are still placed on exchanges. The government is actively monitoring the situation in international exchanges. At this stage, there is not the most favorable situation, so the exact date of the transactions is unknown," Gilauri said.
According to international experts, one of the best transactions this year was the issuance of Georgia’s eurobonds.
The Georgian government intends to put on sale the shares of such companies as Georgian State Electrical System, Georgian Oil and Gas Corporation and Georgian Railways.
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