IDS Borjomi International announced today that its controlling shareholder is transferring on a gratuitous basis 7.73% shares of the company to the Government of Georgia and will no longer have control over it.
Further to the official acceptance of the offer by the Government of Georgia on 13 June 2022, 7.73% shares of IDS Borjomi International will be transferred to the Government of Georgia free of any kind of consideration.
As a result of this transaction:
- The controlling shareholder will no longer have control of IDS Borjomi International.
- The main shareholder’s representation in the Board of Directors of IDS Borjomi International will reduce from 8 to 2 members.
- The Government of Georgia will appoint its representative as the Chairman of the Board of Directors of IDS Borjomi International
“Shareholders of IDS Borjomi International have always been devoted to the success of the company on every market of its presence. IDS Borjomi is grateful to the Government of Georgia for their support in achieving this agreement and allowing the company to continue its development under these difficult circumstances.” said Elkhan Alnazarov, a member of the board of directors of IDS Borjomi International.
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