Posted: 3 years ago

Water-Trial Industries to Grow Its Stake in Beeline to 71%

Reallocation of stakes is continued on the communications market.

As the Business Partner was informed, the 51% stakeholder in VEON Georgia, which owns Beeline company, plans to purchase an additional 20% stake. If the Georgian National Communications Commission (GNCC) approves the deal, Water-Trial Industries will hold a 71% stake in VEON Georgia.

At this stage, Investico Alliance holds a 29% stake in the company, Miren Invest possesses a 20% stake. The latter company is related to Khvicha Makatsaria, majority stakeholder of Caucasus Online.

As for Khvicha Makatsaria, he also holds a 51% stake in Caucasus Online.

It is also worth noting that in August 2019 the stake in Caucasus Online was sold without approval of the GNCC and now Azerbaijani businessman Nassib Hassanov holds a 49% stake in the company.

For several months the GNNC has been demanding to return the stakes to the initial positions and the last deadline expired on May 1.