Telecom Georgia

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Telecom Georgia was created in 1994 by the Georgian Government in association with Metro Media International (30%) and Bullcom (19%). The company provided international and long-distance telecom services. The company had 210,000 subscribers in 2000 and provided about 80% of Georgia's intercity and international telecommunication services. On January 24th, 2005, through decree number 31 of the President of Georgia, the major share (51 %) held by the Government of Georgia was transferred by direct sale to Telecom Georgia co-founder - “International Telcell Inc.”, a fully owned subsidiary of Metromedia International Group (MIG). MIG paid $5 million for the 51% stake. At the end of 2005, MIG held 81% of Telecom Georgia, which was increased in subsequent years to 100%. In Oct 2006, there was news that Metromedia would sell all its telecomminications assets in Georgia, including its 21% stake in Telecom Georgia, to a consortium of companies including investment firms e.g. Istithmar and Salford Capital Partners. However, the company's financial statements in 2012 note that it only disposed of its stake in Telecom Georgia in 2012. From earlier reports in 2006, Salford Capital Partners owns a 21% stake in Telecom Georgia. 2008 update: limited information found about the project 2011 update: limited info, website not functional

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