According to the press release, published recently by Metromedia International Group, the company has become single owner of international communications operator Telecom Georgia and local internet-provider Telenet.
Metromedia, being until now the owner of 25.6% of aforementioned companies, bought out shares from the rest owners for $12.64 million, out of which $5.14 million was paid to minority partner Gia Jokhtaberidze (son-in-law of ex-president Eduard Shevardnadze). The rest $7.5 million was paid to other partners (Strickland Investments Inc. and Great Bay Investments).
The third asset of Metromedia in Georgia is mobile communications operator Magti, in which the US company owns 50.1%. According to Metromedia, dividends, paid by this operator, amounted to $40 million (withholding taxes), out of which Metromedia received $20.04 million.
Just to remind, Metromedia announced last year its intention to sell for $480 million its assets in Georgia to consortium, consisting of Istithmar, investment house from United Arab Emirates, Salford Georgia, investment company, and Emergent Telecom Ventures.
