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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.

  • Reuters
  • Published: 23:16 December 3, 2008
  • Gulf News

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.

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