Georgia’s Partnership Fund takes over 100% stake in Borjomi-Likani International

Georgia’s state-owned shareholding company Partnership Fund (PF) has become the full owner of Borjomi Likani International JSC, Georgia-based company that engages in the construction of hotels.

This means that 100 percent of the shares has come into the Georgian side’s ownership.

The commercial agreement was signed today between the PF and KazMunayGas Service, according to which the PF was handed over a 100 percent stake in LLC KMG-Service Georgia founded by Kazakh company KazMunayGas Service.

Earlier, LLC KMG-Service Georgia and Partnership Fund held a 50 percent-50 percent in Borjomi Likani International.

In 2006, KazMunayGas Service, the state-owned oil and gas company of Kazakhstan, bought part of the government owned Likani recreational complex, including a Soviet-era sanatorium, promising to turn it into a recreational area attracting tourists.

However, nothing happened until, in 2011, KazMunayGas Service and the Georgian Partnership Fund established Borjomi Likani International. Although construction of the hotel started in 2011, it was not until 2015 that Rixos Borjomi’s resort was finalised.

After today’s agreement cooperation with RIXOS was cancelled and now the PF is holding negotiations with world famous hotel operators. As of today hotel in Likani operates under the brand "Borjomi Likani”.

"This is a successful commercial contract. I thank our partner Kazakh side for their efforts and making recreational complex at the site and making it attractive for the tourists. We will continue cooperation with Kazakh side in different directions in the future. Soon we will present the plan for rehabilitating Romanov’s palace and park and will make this hotel complex one of the major touristic centre in Georgia”, said Davit Saganelidze, head of the PF.