1

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. , ,
.
- 2014
. , , ,
, , .
-
.
, ,
,
,
. ,
,
,
.
,
, ,
,
.

I.

, , 2011
,
.
.
- :

- 100% ;
- 100% ;
- 100% ;
- 100% ;

 - 24.5% .

.
-
2 .

.

,
.
/ ,
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.
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3

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,

II.

1.
2016 ,
.

10

7-

2016 :

- ";
;
;
Panex;
;
Rixos Borjomi;
;
/;
;
.

 - , - /,

2014 ,
.
1.1.

- "
:
: $ 4,6
: 2016
2015 Georgian Fresh Holding B.V-
, 1.5
.
700 ,
,
.
, 4.2 ,
1.4 .
, Georgian Fresh Holding B.V-
Greenery .
Georgian Fresh Holding B.V 2014 ,
, 2010
. :
( , ,
50%) .Food
ventures Georgia B.V ( 50%- ).
5

 2 ( 2.1 )

(Dutch Growth Fund, Stichting ifund).
50%- . ,
- 50% ,

,
. ,
, .
, Georgian Fresh Holding B.V,
50.35%- ,
2016 ( ,
)
4,000,000- 5,000,000- . .
:
, , - ,
- . : 49.650% Georgian Fresh Holding B.V - 50.35%.

-
,

.
1.2.

: ,

 : 15
: 2016 .
5 , 10
10 000 2-. ,
, , ,
, , ,
, .
.
,
2015 2016
. - ,
AECOM-
.
2004 23 .
75% , 25%- ,
- , - .
2012
35 000 , 5 000 .
- - 61 ; - 17 -
- 751,934 . ,
- , -
, All seasons- 100% , - ,
-- , GEORGIAN MOTORS - (100%),
- (40%) ..+ - (50%).
-- , -
, - -
(33.5%).
, 2014 29
. 2015 21 ,
. - 100%
.
.
-
,
- ,
- , -
- .

 -
,

.
1.3.

(VANRIK AGRO)
: ,
: $6.7
: 2015 .
2015 25
(VANRIK AGRO)
- 2015
. .
70
.
, ,
.
- GIZ- .
2015 11 ,
- ( 2012
) - ( 2010 )
. ,
- .
, -
.
,
. -
+- (100%).

 -
,

.
1.4. Panex

Panex
:
: $ 6
: 2015
2014 ----
(ICES)

, .
- .
. ICES-
, 49%- . 2.8
2 40%- :
, , . 2015
ICES- .
2015 .
,
.
--- ICES 2007 29 . 2009
- ,
100%- .
9

2009
---- . (100%-
) .

. ICES - - 22 ,
- 10 - 4,390,250 .
- ,
- (30%), ICES FIZ-.
, ICES trade- , Salt Sea Beauty- ,
- (100%), - (100%),
- (5%), - (45%)
- (20%).
2014 18 .
, .
- .
.
. -
, ...+- , -
(67%), - , -
(32%), - (30%)
- - (20%).
.. - (0.43%), ...+- (100%),
- (15%), - (20%) - (2.4%).

-
,

.

10

1.5.

:
: 230
: 2015
2013

(ALIK
ENERJ)

. 2014
.
231 .
.
- .
40 - - , 3
. 237 -,
1.6 /.
50%-
,
.
20-25
. 2015
.

30/08/2012
.
(
). :

.
.
:
- 49.0%; -51.0%.

11

 ,
.

- ,
- ,
.
-
. ;
- - 15%
.

-
,

.
1.6. Rixos Borjomi

5 "
: "
:
: 151
: $ 48
: 2015

12

5 - - RIXOS Borjomi-
-
. 48 ;
50%-. ,
.
RIXOS- . RIXOS- 2000
; 20- , ,
, , , .
2006 ,
. 2015 14
" "
.
152
,

,
-,
, , , ,
" .
2016 20 RIXOS -
. ,
RIXOS .

-
5 "-
. -
.
2.

2016 :

13

1.
2.
3.
4.
5.
6.
7.

Hyatt Regency;
;
Best Western;
;
2;
2;
Radisson ".

2.1. Hyatt Regency

5 Hyatt Regency
:
: 170
: $ 65
: 2018 .
2015 Merrydow Development Holdings LTD 5 - Hyatt Regency -
. ,
. , .
. 170 ,
, , ,
. Merrydow Development Holdings LTD -
,

).

2011 , , 2015
.
, 2005
,
, 2007 -
14

. 2007 .

- , - (100%)
- (50%).
.
Merrydow Development Holdings LTD - ,
.
- -
, Hyatt Regency- LCG - Loyal
Capital Group - , Merrydow Development Holdings
LTD - , Merrydow
Development Holdings LTD - . ,
Merrydow Development Holdings LTD - / - ONE
WORLD SECRETARIAL LIMITED - , ,
Goldblatt
Holdings Limited FIRST RUSSIAN FOREX COMPANY LTD - .
Merrydow Development Holdings LTD-

.
, LCG - Loyal Capital Group - , .
- ( -)
, 2011 .

.

15

 -
5 Hyatt Regency-
Merrydow Development Holdings LTD- ,
, LCG - Loyal Capital Group-,
Merrydow Development Holdings LTD.
, Merrydow Development Holdings LTD -
, LCG - Loyal Capital Group-
.
, -
LCG - Loyal Capital Group- - .

.
, ,
,
,
.
.

2.2.

:
: $ 85
: 2017
2015
Elbit Cyclone ,
- JSC
Aerostructure Technologies Cylone (ATC) .
16

 , : , ,
.
2015 2017 ,
2018
. -
.

. (12 .
)

(, ,
). , -
Elbit Cyclone-
- JSC Aerostructure
Technologies Cylone (ATC)-.

Elbit
Cyclone-
,
.
ELBIT Cyclone ELBIT Systems- ,
: /
,
. ELBIT Systems 1966 NASDAQ- (ESLT)
- (TASE) .
- JSC
Aerostructure Technologies Cylone (ATC)
ELBIT- .
100%- , Boeing, Airbus, Bombardier
. JSC Aerostructure Technologies Cylone (ATC) - () Elbit Cyclone-
19/06/2015 .
(
), ().
: , , ().
: ( )
.
.
- (1.6%), -
(70%) -- - (10%).

17

 .
2014 .
,
: - 25%, - 25% .. & - 50%.
,

, 2016 29
40%- 11 -
.

, - 2013 5 - 2014 28
. 2013 ,
, 2014
(). 2013
- ,
- .
- 2014 20
, ,
.
- 2006 17
(100%) .
2014 20 , -
- ,
- - 2016 3
.
2005 3 ,
75% ( )
25% , 25%
2016 , ,
.

.
-- (66%) ,
- , - (25%) -
- .

18

 -

. ,

)

. 2016 29
40%-
11 - .

. 2013
, .
- . ,
,

.
, ,
.
2.3. Best Western

3 Best Western
:
: 45
: $ 3
: 2017
2015
.
3 . 40
19

, 5 , 3
- . 3
, 1.4 .
" , , Best Western International-
. ,
( ) .
12/12/2013 . , 100%-
. - ,
- , - (25%),
- - .
- (100%), .
23/09/2015 (2007
, 2015 - ).
- , -100%.
05/03/2014 ,
- 25% ,
-
, 25% -25%- .
25% .

, , --- (50%)
(14%). - (50%)
--- (50%).
,
, ,
- - .
.

-
,

.

20

2.4.

: ,
: 280
: $ 1
: 2021
. - .
. 280
1.2 / - . 1
.
- .

"- (KWater) .
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Impregilo

GCC

.
(EBRD), (ADB) " .
(IFC) -.
2021 , ,
2019 .
35
.
GCC-,
, 2015 28 .
100%- .
.

-
,

.

21

 : 2 2,
.
, ,
,
. ,
.
.
2.5. 2

: ,
: 10 /
: $ 12
: 2017 .
2014 17 /
- .
-
- , , 1-, 2-
( 10 / - - 45,8
.) . 2 -
2015 ,
2017 31 . -
2014 . 2015
, ,
2015 1
.

22


(
)
, ,
, ,
.
,
2015 23 .
2015
1 .

2- .
2 - 2013 ,
, - 100%
.
2012
62.25% - .., 37,75%
.
, 2010-2013
.

. 3 (9.4 ), (2 ) (3.4 ) .
2.6. 2

23


: , ,
: 17
: $ 26
: 2018
2009 27

,
, 3 ,
2- . 2 -
17 -.
,
,
30,3 . 2 12 - . 2010
31 , ,
2015 1 .
2015 3 ,
,
2- ,
.
,
,
2- ,
.
,
1 3 .
, 2
, .
, .

. , 2009
.
2016 30
, 2016
1 , 2018 30
.

24

 2005 21 .
(3%), (52%), (39%),
(2%), (4%).
, . "
,
, .
2010 31 .
, 100% .
2.7. Radisson

5
: 102
:
: $ 30 .
: 2017

. ,
, .
,
. ,
. ,
, .
, .
2.8.
, -
,
,
.
25

 .
,

.
.

. 2015 24
, ,
Humanity Holding GmbH-
.

.
Humanity Holding GmbH- " (Humanity Georgia) .
, Humanity Holding
GmbH- " (Humanity Georgia)
.
13
,
-
. ,
(Humanity Holding GmbH)
,

.
2015 9 ,
. ,
Humanity Holding GmbH-
. 100%-
ProjectH Holding GmbH-,
.
, ,
,
. , ProjectH Holding
GmbH - LF Business DMCC- .
.

.

III.
,

26

 ,
(

Hyatt
Regency,

),
.
: Merrydow
Development Holdings LTD ( /
), (
) ( )
. ,


,
-
.
,
2012-2016 ,
. , , ,

, .

, ,
. ,

.
- , :

,
.

; , ,

; ,

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. ,

;

.
, ,
,

27

, , ,
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,
. ,
2016
12 , .
,
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,
, .
,
.
, ,

. , ,
,
, ,
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, ,

.

28