TODAY:

economics

FOREIGN DEBT OF GEORGIA INCREASED BY 50% IN 2008

Georgian Finance Ministry reports that by the state of December 31, 2008, country’s foreign debt made up $2.69 billion, exceeding previous year’s same figures ($1.79 billion) by 50.36%.

Growth of the debt is mainly caused by Eurobonds issued by Georgia in April 2008, the cost of which made up $500 million.

BLITZ-SURVEY OF EXPERTS: ECONOMIC FORECAST FOR 2009

We offer the next comments of the experts, which were polled during the blitz-survey of Sarke, dedicated to the expected tendencies in the banking field.

Among the polled are: Zurab Gvasalia (the president of Georgian Banks’ Association), Nodar Javakhishvili (the former president of the National Bank of Georgia), Shota Gvenetadze (the former MP) and Ani Katamidze (the head of Young Economists Association of Georgia).

TURNOVER OF GEORGIAN STOCK EXCHANGE REDUCED 3.6 TIMES IN 2008

Georgian Stock Exchange reports that cost of deals made in 2008 amounted to 10.58 million lari, which is 3.6 times less compared with the previous year (38.37 million). Besides, deals were made on shares of 26 issuers, instead of 58.

business

COMPANIES’ SELECTION PROCESS ON CREATION OF INTEGRATED SOFTWARE IS NOT FINISHED IN NBG YET

National Bank of Georgia (NBG) reports that selection stage of two-stage tender, announced with the aims of creation and launching of the integrated banking system, is not finished yet.

Terms were delayed several times at the instance of the participant companies, as they could not submit the documentation in time, NBG notes.

TBC BANK AND SAKARTVELOS BANKI PLAN TO HOLD ENCOURAGING DEPOSITS DRAWING IN 2009

TBC Bank and Sakartvelos Banki (Bank of Georgia) announce that they plan to hold encouraging drawings; however, details are not named at this stage.

TBC Bank informs that all those depositors will take part in the drawing, which will open deposits from January 5, 2009.

NEGOTIATIONS ON SELLING GEORGIAN POST BANK PROPERTY ARE NOT FINISHED YET

Negotiations with non-resident physical person on selling the property of Georgian Post Bank still last.

Relations with the potential investor should be settled in the nearest future, after which a decision will be made on announcement of the next an auction, told Sarke bank’s auction commission.

INVESTORS ARE INTERESTED WITH THE PROPERTY OF LLC AGARA GROUP AND LLC KARTULI PRODUKTI

As bank Cartu told Sarke, foreign as well as Georgian investors became interested with the property of LLC Agara Group and LLC Kartuli Produkti (Georgian Product).

After setting of the certain position, a writ of execution will be taken at the basis of the arbitrage agreement and an auction will be announced in a month, the bank announces.

JSC UNITED TELECOM OF GEORGIA REDUCED TURNOVER OF SHARES

As Georgian Stock Exchange reports, turnover of shares of JSC United Telecom of Georgia made up 322,437 shares, which is 2.7 times less compared with the year 2007 (875,310 shares).

Volume of deals on company’s shares amounted to 134,834 lari, which is 3.2 times less compared with the year 2007 (439,922 lari).

DEALS OF 15,748 LARI WERE MADE ON JSC TELASI SHARES IN 2008

Georgian Stock Exchange reports that cost of deals made on JSC TELASI shares made up 15,748 lari (18,850 shares) in 2008, which is less by 32% compared with the same figures of 2007 (23,366 lari).

However, the turnover made up 16,000 shares, which is caused by the prices of shares.

JSC CAUCASUS ENERGY&INFRASTRUCTURE BOUGHT BACK OVER 50% OF SHARES

JSC Caucasus Energy&Infrastructure (CEI) informs that as a result of REPO transaction, the company bought back 25.7 million shares, cost of which made up 29.7 million lari.

As the company told Sarke, over 50% of shares was bought back, nearly 80% of shareholders used the right of REPO transaction.

GAS TRANSPORTATION COMPANY AND OIL COMPANY IORIS VELI HAVE NEW DIRECTORS

Georgian Oil and Gas Corporation informs that daughter companies of the corporation – Gas Transportation Company and Ioris Veli – Oil and Gas – have new heads.

Mamuka Kobakhidze, who worked in the administration of the Corporation, will become the head of Georgian Gas Transportation Company.

6,000 CLIENTS USE MYPHONE SERVICE OF MAXTEL

LLC Maxtel reports that 6,000 clients use MyPhone service for the present, which makes up nearly the half of company’s clients. The mentioned service was launched three years ago.

LLC POULTRY GEORGIA PLANS TO FINISH RE-EQUIPMENT THIS YEAR

As LLC Poultry Georgia told Sarke, the company plans to invest $1 million in finishing of the re-equipment process this year. The process started two years ago and already 80% is already re-equipped, noted head of company’s marketing service Kakha Megrelishvili.

ONLY ONE COMPANY HAS BIOLOGICAL PRODUCTS PRODUCTION CERTIFICATE

Biological certification company Caucascert informs that it issued biological products production certificate only to one company in Georgia. It is sole proprietor Givi Nikolaishvili (wine production).

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Sarke