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Teliani Valley Authorized Capital to Rise by 1 million GEL

Teliani Valley wine-making company plans to issue 100 million shares in addition. Ahead of schedule meeting of stakeholders will be held on January 24.

The agenda calls for raising the authorized capital of the company by 100 million shares to 620 million shares. Price of one share is 0.01 GEL and this signifies the authorized capital will rise by 1 million GEL.

“Tomorrow’s meetings of stakeholders will admit 100 million shares in addition, however, the date and volume of sales of these shares will be determined by supervisory board. The shares may be sold this year or in 2019. This depends on when the company will need to attract additional investments”, the company representatives noted.

Changes have also taken place in the supervisory board. On January 24 Irakli Gilauri, head of the company supervisory hoard will quit his position and he will be replaced by Giorgi Alpaidze.

Key stakeholders of Teliani Valley are: BGEO Group (47.6%), Liberty Consumer (29%), Firebird Funds (12%).