About Civil.ge
Eng | Geo | Rus
Last updated: 00:44 - 22 Oct.'17
RSS
Mobile
Twitter
Facebook
Imedi TV Changes Hands
Civil Georgia, Tbilisi / 25 Feb.'09 / 18:37

A local unit of Investment Authority of the UAE’s Ras Al Khaimah (RAK) emirate has purchased 90% of TV and radio holding, Imedi, for undisclosed price.

10% of shares remain in Joseph Kay’s ownership, his legal representative said on February 25.

Kay, who is a distant relative of late tycoon Badri Patarkatsishvili, took over the TV station last year – a deal which still remains disputed by the Patarkatsishvili’s family, which claims that Kay managed “to seize” the television stations with the Georgian authorities’ blessing.
 
Ras Al Khaimah’s business interests in Georgia among others also include Mtatsminda amusement part, which in the past was controlled by the late tycoon Badri Patarkatsishvili. The park, along with the Imedi TV, is also disputed by the Patarkatsishvili family.

Kay said on February 25, that he had decided to sell shares to RAK Georgia Holding, because he was no longer able to finance the television stations in the light of the global financial crisis, as his other businesses required urgent investments.

“Imedi TV will receive all that financial assistance [from new shareholder], which it needs to return its leading place which it always had,” he told journalists. “As you know, my business interests involve not only Imedi. Unfortunately, all those businesses, in which I am involved, need new investments.”

Ras Al Khaimah Investment Authority (RAKIA) purchased port of Poti last year and is now developing free industrial zone there.

This year RAK Georgia Holding’s daughter company has purchased controlling stakes into the People’s Bank. Former PM, Zurab Nogaideli, and a leader of newly set up opposition party Movement for Fair Georgia, has alleged that Interior Minister Vano Merabishvili’s associates were behind the company not RAK Georgia Holding – the allegation was denied by the Holding itself.

Latest News
22 Oct.'17 00:44
GDDG Leads in Imedi-Commissioned Exit Poll
Exit poll results show Kakha Kaladze winning outright victory in the mayoral race in Tbilisi.
22 Oct.'17 00:06
Opposition Candidates React to Exit Poll Results
Rustavi 2 TV exit poll put the ruling party candidate in decisive lead over his opponents in Tbilisi.
21 Oct.'17 23:14
GDDG Celebrates ‘Very Important’ Election Victory
The ruling party leaders addressed their supporters and activists outside the GDDG headquarters in Tbilisi.
21 Oct.'17 21:42
Municipal Elections Vote Count Underway
1,569,992 voters cast ballot in the elections, accounting for 45.64% of the total number of voters.
21 Oct.'17 20:29
Rustavi 2 Exit Poll Gives Lead to Ruling Party
As of 18:00, Kakha Kaladze garnered 54% of the vote, winning the mayoral office without runoff elections.
21 Oct.'17 18:23
CEC: Voter Turnout 36.71% at 5pm
Voter turnout figure in the capital is 34.7%.
21 Oct.'17 16:20
CEC: Voter Turnout 29.84% at 3pm
Voter turnout figure in the capital is 27.7%.
21 Oct.'17 13:09
CEC: Voter Turnout 16.5% by Noon
The highest turnout was reported in Racha-Lechkhumi and Kvemo Svaneti and the lowest in Shida Kartli.
21 Oct.'17 12:15
Tbilisi Mayoral Candidates Cast Ballots
Elene Khoshtaria, Kakha Kaladze, Zaal Udumashvili and Aleko Elisashvili voted in the municipal elections.
21 Oct.'17 12:14
CEC: Voter Turnout 6.74% at 10am
The highest turnout was reported in Racha-Lechkhumi and Kvemo Svaneti and the lowest in Shida Kartli.

About Civil Georgia
Civil.Ge © 2001-2017, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
104