Business Roundup

TeliaSonera increases Geocell stake

TeliaSonera, via its subsidiary Fintur, has closed two transactions in Eurasia to streamline ownership structures and strengthen its positions in the Georgian and Uzbek markets.

Fintur has finalized an acquisition of an additional 14.3 percent interest in Geocell, the second largest mobile operator in Georgia, for a total cash consideration of approximately USD 33 million, increasing Fintur’s ownership in Geocell to 97.5 percent from 83.2 percent.



CEO of Abu Dhabi Group Visit Georgia

UAE Education and Science Minister His Highness Nayan Bin Mubarak Al Nayan will visit Tbilisi from February 1–2 on a personal invitation from President Mikheil Saakashvili.

Al Nayan is a founder and the chairman of the management board of the Abu Dhabi Group, one of the largest investment groups in the Middle East. Abu Dhabi Group has already invested in two sectors and has two projects in Georgia. One of them is KOR Bank, which received its operations license from the National Bank of Georgia last week. The banks’ first branch is expected to open in six months.

The Group is also behind Warid Telecom Georgia Ltd., which purchased a telecommunications license three months ago. The company intends to offer wireless internet throughout the entire country by the end of the year.

“This country has a strategic location and excellent opportunity to develop,” Abu Dhabi Group chief executive Bashir Ahmad Tahir said yesterday, explaining the company’s interest in Georgia.

A key prerequisite for the Group’s investments was the country’s liberalized taxation regulations, he added.



TBC Bank offers GEL 1 million in prizes

TBC Bank launched a new campaign yesterday offering its clients a shot at a GEL 1 million giveaway, as well as a new car.

Everyone who opens three types of special deposit accounts with the bank from February 16 to December 16, with a minimum of GEL 2000, can enter the lottery.



Kaladze opens new commercial bank in Georgia

Georgian footballer Kakha Kaladze’s ProgressBank, which he holds an 80 percent stake in, has received its license to operate in Georgia.

Kaladze’s partner is a British financial group which will be anonymous until an official presentation this summer.

The footballer’s other business interests include a hotel on Georgia’s Black Sea coast.



Wissol Georgia opens new petrol terminal

Wissol Georgia is to open a petrol terminal in western Georgia’s Samtredia in February, with a capacity of 32 million liters of petrol and diesel.

“This terminal can fulfill western Georgia’s demand in oil products, and we are ready to provide any petrol station working in the region with our products,” head of supervisory board of Wissol Georgia Soso Pkhakadze said.