Itera to buy Georgian chemical enterprise

Georgia has agreed to sell a 90-percent block of shares in the Rustavi chemical enterprise Azot to Itera, the Georgian State Property Ministry told RosBusinessConsulting. The agreement was achieved at negotiations of Itera President Igor Makarov with Georgian President Eduard Shevardnadze and the government in Tbilisi.

The decision on transferring this stake to Itera was adopted by the Georgian President at the beginning of this year. However, this deal was protested by a number of Georgian political parties. As a result the state commission had to sell Azot shares at an international auction.

The agreement on selling the 90-percent stake in Azot is to be signed in the next several weeks.

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