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Euro Bank to buy 5% stake in Caucasus Online

2 Jun 2008

Reuters reports that the European Bank for Reconstruction and Development (EBRD) is set to buy a 5% stake in Georgia’s largest ISP Caucasus Online, according to the company’s chief financial officer Vahan Mgebrian. ‘Negotiations with EBRD are almost complete,’ said Mgebrian. The EBRD also confirmed that talks were under way to buy the stake, from Georgian TBC Bank. Caucasus Online plans to raise USD100 million through an initial public offering (IPO) on the London Stock Exchange (LSE) around the end of 2008., and would be the second Georgian company to list on the LSE after Bank of Georgia. According to TeleGeography’s GlobalComms database, Caucasus Online currently controls over 90% of Georgia’s internet market and has around 50,000 broadband subscribers. Aside from the 5% held by TBC Bank, the firm is owned by CEO Mamia Sanadiradze (85%) and British investment fund Growth Management (10%).

Georgia, Caucasus Online

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