Vera Kobalia Officially Confirms Poti Port Sellout

Vera Kobalia, Minister of Economy and Sustainable Development has officially confirmed information on the sale of Poti Porti.

According to her, the new owner of the port – APM Terminals – is obliged to invest 65m. USD in the port and employ local residents.

According to Kobalia, APM Terminals owns 44 ports in 33 countries. It is one of the largest port operators world wide.

Arab company Rakia was the previous owner of the Poti Port. Information on its intention to quit the port was released in 2010. It was said then that the Arab company was going to sell port in 2011. As the head of the company’s supervisory body Haater Masad states, it was planned to sell the actions at international exchange as the Port was not strategic.

“We are planning to leave Port in 2011. It is strategic for us to to do so. And when it is possible to earn money by selling something, why shall we restrain?” – states Masad.

51% share of Poti Port was transferred to the Arab company Rakiin Investmen in the April of 2008 for 49-year governing right. Later the company purchased 49% of the actions.

Poti Port had been transferred to Rakia with certain obligations.

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