Steel International Trading Company LLC, the sole owner of 100% of Saknakhshiri's shares, has issued a loan of 147 158 969 GEL to the charitable foundation Cartu, founded by Bidzina Ivanishvili.
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The International Charitable Foundation Cartu NNLE is the sole shareholder of JSC Bank Cartu.
As per a financial reporting document, Steel International Trading Company LLC lent GEL 138 742 222 to Cartu in 2022. That year, the company issued loans to legal entities at an interest rate of 7–10%. Initially, the principal and accrued interest on the loan were to be repaid on December 31, 2022. However, on December 30, 2022, the parties agreed to extend the repayment term to December 31, 2024. Consequently, the value of the loan increased to GEL 147 158 969.
“Management has assessed the loan’s repayability based on the available information about the borrower’s activities, as well as the terms of the extended agreement. Based on this assessment, management expects that the loan will be fully repaid by the extended maturity date,” the publicly disclosed document states.
Steel International Trading Company LLC became the 100% owner of Saknakhshiri LLC, Georgia’s sole coal mining company, in September 2019.
In 2023, Saknakhshiri sold a total of 146 136 tons of coal, generating revenue of 25 327 742 GEL.
