Business | Shipping
RAK firm owns all shares in Georgian port
Georgia has sold the remaining 49 per cent of its Black Sea port of Poti to RAK Investment Authority of the UAE for $65 million, its deputy minister Vakhtang Lezhava said on Wednesday.
Tbilisi: Georgia has sold the remaining 49 per cent of its Black Sea port of Poti to RAK Investment Authority of the UAE for $65 million, its deputy minister Vakhtang Lezhava said on Wednesday.
"Now RAK Investment owns all the shares in the port," he said.
Earlier this year RAK Investment purchased the controlling 51 per cent stake in the port from the government for $90 million, plus a further 300 hectares of land in its vicinity.
More from Shipping
More from Business
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE


