Georgia delays GSE IPO until 2015
TBILISI. Feb 21 (Interfax) - The Georgian government has delayed an IPO for Georgian State Electricity System (GSE), planned for this year, until 2015, the company's managing director, Sulkhan Zumburidze, told reporters.
"It has been deemed advisable to hold the IPO only after the company's full modernization, which should be complete by 2015," Zumburidze said.
Georgia corporatized GSE and other major state fuel and energy companies in September 2011 with a view of floating up to 49% of the shares on international stock exchanges in a bid to bring additional investment into the country.
GSE was established in 2002 through a merger between JSC Elektroperedacha and LLC Elektrodispecheriszatsia-2000, and distributes electricity throughout Georgia.
