Page 67 - GEORptAug21

“The pandemic has affected this sector most. Today we have an opportunity to help revive this sector with proper marketing, targeted programmes and mass vaccination,” she added.
9.2.3 TMT corporate news
Azerbaijan's Neqsol takes full but disputed control over Georgian internet provider Caucasus Online
Bidzina Ivanishvili is no longer the only Georgian on the Forbes’ list of billionaires, for the London Stock Exchange IPO of Kazakh fintech Kaspi.kz has made a billionaire of Mikheil Lomtadze.
With a fortune of $3.8bn, Lomtadze, co-founder and CEO of the bank turned fintech, has placed 812th on the ranking.
Last October, Kaspi.kv, a retail and fintech unicorn, made headlines around the world after successfully listing with a $6bn valuation.
The two most important players at Kaspi are its chairman, Vyacheslav Kim and Lomtadze, whose stakes amount to 25% and 23%, respectively.
Forbes concluded that both Kim and Lomtadze became billionaires as a result of the listing.
Kaspi reported $1.3bn in revenue in 2019, while its net profit for the same year was $515mn. In the first half of 2020, the group generated revenue of $740mn and a net profit of $286mn.
Kaspi is the largest tax and financial technology company in Kazakhstan. It has more than seven million subscribers.
It allows customers to pay their bills digitally, trade and, just as with Paypal and Klarna, perform "Buy Now - Pay Later" transactions.
Lomtadze has worked in Georgia and Russia. In 2008 he became head of Kaspi Bank. He arrived at the bank that would become Kaspi as its CEO following an investment in the bank by Baring Vostok, where Lomtadze was a partner, Forbes explained, quoting Kaspi's spokesman. Lomtadze “built” Kaspi, the spokesman added, saying that “it’s quite common for entrepreneurial founders to own large equity stakes in their businesses”.
Georgia’s, until now, sole billionaire Ivanishvili has a fortune of $4.8bn and is the 600th richest person in the world, according to Forbes. Lomtadze is closing in.
Azerbaijan’s Neqsol Holding, owned by businessman Nasib Hasanov, has taken full ownership of Georgian internet provider Caucasus Online after purchasing the 51% stake it did not hold.
9.2.4 Metal and mining corporate news
Georgian Manganese invests another $2mn in expanding production
Georgian Manganese has invested another $2mn in expanding its production, according to a July 20 announcement.
The company has recently faced numerous strikes from workers at its mines. In the 4th workshop of the Georgian Manganese Ferroalloy Plant, the overhaul of the 26th furnace has been completed and put into operation.
The furnace will produce 70 tonnes of additional products per day, which will increase the existing production volume to at least 25,000 tonnes, or 10%. The new furnace is to produce $43mn worth of products a year. It took five months to complete the capital work, with a total investment of more than $2mn.
According to the Ministry of Economy, the production process of the new furnace, which has a capacity of 22.5 MW, will be carried out in a semi-closed cycle. Consequently, during the metal release process, no harmful dust is emitted outside. The commissioning of the furnace created an additional 20 jobs.
67 GEORGIA Country Report August 2021 www.intellinews.com