Jewelry Company Zarapxana has a New Owner
The company "Zarapxana" has a new owner - the former head of the company's supervisory board, Nikoloz Nakopia, announced this on the Forbes weekly broadcast. "New Vision University" became the owner of 100% share of "Zarapxana".
According to Nikoloz Nakopia, "New Vision University" will be able to move "Zarapxana" to a new stage of development. As he explains, Zarapxana as a company had historical obligations and it was actually a problematic asset, however, under their management, "Zarapxana" was transformed into an interesting company for investment.
''In fact, it has been a troubled asset for the past 30 years, the company itself and the factory site with it. The achievement of our management is that we have brought Zarapxana to the point where a new investor has already entered it and he can take this company to another level and make it even stronger and more successful.
A new partner has entered the company, this is New Vision University. This is a university IP, they came in with a pretty good leader and team. We are talking about Davit Kereselidze. We had different offers to each other, initially, the conversation started with the sale of the territory, but in the end, it was decided that he would become a 100% shareholder. I am proud and happy to have been a part of this company and to have worked for it during the most difficult period.
Zarapxana employees, managers and the plant's operations department continue to work as normal.
My dream was to build a new factory. A new factory may not be built, but the existing one will be fully restored. I really hope that new equipment will be purchased. The most important thing is that the company can move forward.
As for the value of the transaction, we cannot talk about it, it is closed information.
The company had problems after the collapse of the Soviet Union, it was different tax debts, it was obligations between different people and so on. The company paid off these debts over time, but the factory also had volume problems to produce the products in quantity.
There was competition from the local gold exchange as well as imported products. Over the years, we have worked diligently to reduce debt. We were making appropriate decisions so that the company would become a non-problematic asset," said Nikoloz Nakopia.