Gov't becomes 100% shareholder of Georgian Railway
Previously, Georgian Railway was wholly owned by the state-owned Partnership Fund. Photo: Agenda.ge
Tweet 
Share
The Government of Georgia has become a 100 percent shareholder of Georgian Railway, marking a change in the major company operating rail services across the country.
A London Stock Exchange statement sent to investors on December 23 announced the change in the ownership of the company.
Previously, Georgian Railway was wholly owned by the state-owned Partnership Fund.
It should be highlighted that despite the Company being considered an indirect state enterprise, GR never used budget financing", the LSE statement noted.
Georgian Railway reported a profit of ₾507 million ($188.86mln) in the first nine months of 2022, an 11 percent increase year-on-year.
Only one large asset, Georgian Oil and Gas Corporation, remains on the account of the Partnership Fund.
Georgian Railway on Saturday said it was raising the fare on the double-decker passenger train service between Georgia’s capital of Tbilisi and the Black Sea city of Batumi.
Georgian Railway will be able to carry about 21 more million tonnes of cargo annually following the completion of the modernisation of the network in the country, Georgian Railway Director General Davit Peradze told Business Morning TV programme on Monday.
Georgian Railway reported a profit of ₾52,711 ($18,399/€17,179) in 2021 following four years of operating losses, as part of a new financial statement of the company.
Georgia’s state-owned investment fund known as the Partnership Fund since 2011 will change its name into the Georgian Development Fund and turn into a more modern structure, Economy Minister Natia Turnava has announced.
Georgian Railway hit a “record-high” profit of ₾283 million ($106mln) in 2022, with the annual growth of its freight marking a 22 percent increase, Director General Davit Peradze told Prime Minister Irakli Garibashvili on Friday.