Earlier this year, Conti International, a member of The Conti Group and a founding partner in the Anaklia Development Consortium, reached an agreement to sell its position in the Anaklia Port Project and exit the Consortium. (The project is a venture between the United States and Georgia to create a new, deepwater seaport on the Black Sea. – Ed.)
The currently proposed transaction requires approval from the Government of Georgia and other consortium members, neither of which have been received and are unlikely to be received prior to the required deadline. As a result, the transaction cannot be closed and the time to complete it will expire at the end of October.
While the consortium has failed to complete the current transaction, and contrary to other media reports, Conti’s position remains unchanged. Conti will continue to pursue a sale of its position in the Anakl
