Waltbay Ltd has become the new owner of KazTransGas-Tbilisi
KazTransGas acquired gas distributor Tbilisi in 2006. In 2009, it was divested the right to manage the company by the Georgian Government and a special administrator was appointed by the Georgian National Energy and Water Supply Regulatory Commission.
The Marshall Islands-registered company Waltbay Ltd, which is a subsidiary of the Georgian business group Caucasus Business Solution (CBS), has become the new owner of KazTransGas- Tbilisi.
The company-buyer, releasing KazTransGas – Tbilisi from its state obligations and giving WALTBAY LTD the right to demand the payment of more than GEL 347 million (about $52 mln) borrowed from the Kazakh creditors was the prerequisite of the KazTransGas – Tbilisi purchase made by WALTBAY LTD to the Kazakh businessmen to which the latter agreed”
The company starts a complete rebranding process. The company will provide its services in Tbilisi under the new name “Tbilisi Energy”.