Page 60 - GEORptDec19

transition is on the agenda,” he added.
Akhvlediani said the Conti exit was to be completed in October, but it did not happen, and the sale of its ADC shares was not on the agenda at this time. The statements not only contradicted Conti’s outlined position, but information on ADC already having accepted Royal Van Oord of the Netherlands as a new partner.
Royal Van Oord recently became the owner of a 4.16% stake in ADC, Georgia Today​ ​reported​ ​on October 24.
Georgia’s government has given ADC until the end of the year to find strategic investors to replace Conti, while it must also secure $400mn of financing if it is to obtain permission to go ahead with the project.
The Ministry of Regional Development and Infrastructure confirmed on October 21 that the government allowed ADC to sell shares to Van Oord.
9.2.6 ​TMT sector news
Georgian-born Raisin fintech to expand in US
Georgian-born fintech Raisin, currently conducting operations from Berlin, plans to expand in the US next year having this year raised €125mn.
Raisin—which provides a platform that helps European retail bank customers access higher rates in the European Union—is still busy investing the money in smaller entities that it is gradually integrating, Raisin founder Tamaz Giorgadze told Business Media.
Raisin has been operating on world markets for more than five years. It solves one simple challenge for customers—comparing and recommending deposit products across European banks. In particular, the platform makes it possible to compare deposit products via a simple interface. It also helps small banks gain access to people interested in purchasing a deposit product.
“During the summer, investors injected another €25mn in the company's capital. We have already raised €125mn this year and we haven't been able to process it yet, with almost all of our money sitting on our accounts,” said Giorgadze. “That is why we are not planning anything specific [move] this year in terms of attracting investors. We make certain purchases. The last one [entity[ we bought is Germany's leading digital retirement product provider called Fair. We are now integrating this company for our clients and for Fair's clients so that it is very easy to open accounts on both sides.”
Raisin.com offers its platform services in Iceland, Switzerland, Liechtenstein and Norway. In addition, it has separate platforms for Spain and France. According to Giorgadze, in the second half of 2020 the product will be exported to the US market.
“We have expanded our list of banks at a very fast pace in the UK. We have added some new banks like Oak North, Eldemore, ICICI Bank. The next big project we are working on is launching the product in the United States. We have already hired a second employee and we are going to launch our product in the second half of 2020,” added Giorgadze.
9.2.7 ​Renewable energy sector news
Hyundai to build 280MW hydropower plant in Georgia
The engineering and construction division of Korean group Hyundai announced​ ​that it is set to win a $740mn order to build the Nenskra hydropower plant (HPP) in Georgia in partnership with Turkish company Limak.​ The outcome of the procedure for the selection of the contractor has not been officially revealed yet.
Nenskra HPP is one of the four proposed power schemes with a large
60​ GEORGIA Country Report​ December 2019 ​ ​www.intellinews.com