Georgian Economy Ministry has invited interested entities for expression of interests on privatization shares of the state rune Georgian Railway Ltd.

The announcement was posted on the Economist’s classified section.

Interested parties, the announcement reads, should submit purchase price and the railway network’s development plan, including volume and timeline of intended investments.
 
Deadline for submitting proposals will expire on January 25, 2008.

Expression of interest by an entity does not oblige the Georgian side to sell any share, according to the announcement. The Economy Ministry said it reserves the right at to withdraw from the purchasing procedures any time; or suspend or change procedure, or exclude any interested party from the purchasing procedure.

The announcement was made after the Georgian authorities have confirmed that an earlier deal with Parkfield Investment on hand over of the management rights of the Georgian Railway for 99 years has fallen through. Parkfield Investment, which still remains a mysterious company with almost no information available about it, was not selected through tender. 

Kakha Bendukidze, the state minister in charge of economic reforms, has admitted that some mistakes have been made in the process.

He said that the Georgian side now wanted to announce “a general tender to receive general proposals.”

“Discussions are currently underway within the government on the issue,” he told reporters on October 24, “on whether to totally privatize the railway or only part of it, or to sell the management rights of all the company or just some of it. So what we want to do is to announce a general tender.”