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Georgia Capital's water utility business fulfills investment obligations

Tuesday, 16th April 2019
Georgia Capital reported the group's water utility business, owned through Georgian Global Utilities (GGU), completely fulfilled its investment obligations following its privatisation in 2008.

On 15 April, Georgia Capital signed a privatisation exit agreement with the government of Georgia, National Agency of State Property and government of Tbilisi City, whereby unconditional ownership title over its shareholdings and assets has been confirmed.

GGU privatised water utility business back in 2008 with certain privatisation/investment obligations, that have been successfully performed and discharged.

By exiting the privatisation agreement, the company is released from all contractual obligations thereunder.

Georgia Capital CEO Irakli Gilauri commented: "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.

"I would like to thank and congratulate the strong management team on this milestone achievement.

"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."

At 10:02am: (LON:CGEO) Georgia Capital Plc Ord Gbp12.70 share price was -6p at 1056p

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