27 June 2022,   02:25
IDS Borjomi expresses readiness to transfer part of its shares to the Government of Georgia free of charge

The company that owns IDS Borjomi is ready to transfer part of its shares to the Georgian Government free of charge.

“IDS BORJOMI International announced today that after negotiations with the Georgian Government, its controlling company has submitted a formal proposal to the Georgian Government to transfer part of the shares free of charge. This step will allow the Georgian Government to participate in the management of the international company.

Due to the recent negative developments in the region, IDS BORJOMI International is experiencing business interruptions and difficulties relating to banking services, which has forced the company to suspend production in the factories located in the city of Borjomi. As a result, more than a 1 000 people are at risk of losing their jobs.

If the Government of Georgia accepts the offer of the company that owns IDS BORJOMI International, IDS Borjomi Georgia will be able to resume production processes and economic activities in the factories”, - reads the statement.