About Civil.ge
Eng | Geo | Rus
Last updated: 19:23 - 2 May.'16
RSS
Mobile
Twitter
Facebook
British Fund Buys 10% Stake in Caucasus Online
Civil Georgia, Tbilisi / 11 Feb.'08 / 18:09

British investment fund Growth Management Ltd has bought a 10% stake in Georgia’s largest internet provider, Caucasus Online, for an undisclosed amount, Reuters reported.

Mamia Sanadiradze, chief executive of Caucasus Online, owned 95.1% before the deal, with TBC Bank owning the remaining shares.

Caucasus Online emerged as a near monopoly with about 90% of the market in 2006 after taking over two major internet providers – Sanet and Georgia Online. The company is due to make a public offering on the London Stock Exchange by the end of the year, making it the second Georgian company listed on the LSE after the Bank of Georgia. Last September Caucasus Online signed a contract with the U.S.-based Tyco Telecommunications to lay a 1,100-kilometer underwater fiber optic system linking Georgia with Bulgaria.

Turnover for internet providers was GEL 26.15 million (USD 15.5 million) in 2006, up from GEL 19.8 million (USD 11 million) in 2005, according to the Georgian National Communications Commission. The figure for 2007 is unavailable.

Latest News
02 May.'16 19:23
PACE monitors to visit Georgia
Two co-rapporteurs from the Parliamentary Assembly of Council of Europe will visit Tbilisi on May 3-5.
30 Apr.'16 13:48
UNM Lays Out Rules for Compiling Its Party List of MP Candidates
Party list will be drawn up “based on principles and not based on anyone’s desires,” UNM’s Bakradze said.
29 Apr.'16 16:56
Opera Singer and His Potential Political Party in IRI-Commissioned Poll
Burchuladze’s movement was not too far behind from GDDG and UNM in a poll fielded in March.
28 Apr.'16 18:42
Geostat Releases Final Results of 2014 Census
Final results also include data on ethnicity and religious beliefs of country’s 3.71 million people.
28 Apr.'16 14:26
Five Men, Suspected of Trying to Sell Uranium, Arrested
The State Security Service said suspects were trying to sell 1.6kg of radioactive material for $3mln.
28 Apr.'16 11:49
Q1’16 GDP Growth 2.3% - Preliminary Data
Real GDP grew 3.4% y/y in March, after 0.8% and 2.6% growth in January and February, respectively.
27 Apr.'16 20:01
Bill Allowing PM to Run for MP Without Quitting Cabinet Post Passed in First Reading
Parliament passed amendment to the election code with 77 votes to 21 on Wednesday.
27 Apr.'16 15:27
Central Bank Cuts Key Rate to 7.5%
NBG said it plans to gradually reduce key rate to “neutral” level of 5-6% in a mid-term period.
26 Apr.'16 23:13
Georgian PM Meets U.S. Vice President
The Vice President reaffirmed U.S. support to Georgia, the White House said.
26 Apr.'16 21:57
Usupashvili Speaks of ‘Three Small Problems’ on EU Visa Liberalisation Path
EPP group’s vice-chair said visa-free should be granted only after Georgia frees “political prisoners.”

About Civil Georgia
Civil.Ge © 2001-2016, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
42