Russian sanctioned businessman ready to hand part of shares in Borjomi mineral water to Georgian gov’t

Alpha Group  of a sanctioned Russian oligarch Mikhail Fridman, which is a key stakeholder in the Georgian mineral water producer Borjomi, is ready to hand a part of shares to the Georgian government for a local IDS Borjomi to resume operations and the sale of the product.

IDS Borjomi faced serious problems in the sale and transactions shortly after Russia invaded Ukraine back in February due to the sanctioning of the key shareholder.

The company was forced to temporarily shut down both bottling plants, with its employees demanding a meeting with PM Irakli Garibashvili.

Garibashvili said earlier this month that some positive news was expected in terms of Borjomi.

IDS Borjomi said on Thursday that the owning company was ready to transfer part of its shares to the Georgian government free of charge.

“IDS Borjomi International announced today that after negotiations with the Georgian government, its controlling company has submitted a formal proposal to the Georgian government to transfer part of the shares free of charge. This step will allow the Georgian government to participate in the management of the international company,” said IDS Borjomi.

The company says that the move will lead to opening of both bottling plants.