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Wednesday, 19 September 2018


The opposition is against privatization of state-owned Georgian companies

2011-08-11 17:43

The opposition is against privatization of state-owned Georgian companies. 20730.jpegToday opposition party "Free Georgia" opposed the privatization of state companies whose minority stake Georgian authorities intend to bring to the international stock markets. As recalled by "Georgia-News", Georgian authorities intend to place from 15 percent to 25 percent of the shares of the following companies on the international stock exchanges: "Georgian Railway", "National Electrical Georgia" and "Oil and Gas Corporation of Georgia", which belongs to gas pipeline "North-South".

"These companies are a national treasure and at the same time - part of the national security system, therefore, we consider it inadmissible to transfer them to private companies" - said in a statement of "Free Georgia".

They point out that Georgia's Western partners often give advice to the government to refrain from taking such decisions.

"With regard to their explanations that maximum of 25 percent of stake will be sold, it is typical technology of the Georgian government - to explore public opinion and then take an additional decision to sell 50 percent and so on" - assured the opposition.

They also believe that as a result state-owned shares will be sold secretly, and the buyer will be "some business group from Moscow close to the family of Saakashvili".

Recall, earlier it became known that the Georgian government intends to put up for auction a number of strategic projects.

Shares of Georgian Railways, Electrosystems, International Oil and Gas Corporation will now be traded on the London and New York stock exchanges.

However, we are talking about sell of small - 15, 20 and 25 - percent stake. That is, investors who purchase shares of the biggest Georgian companies, do not have the opportunity to control these businesses.

According to the Georgian Prime Minister Nikoloz Gilauri, this move will attract more investment into the country.

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