Business crisis management

In Batumi, on the territory adjacent to the New Boulevard, Development Company started
construction of an apartment building (with the savings of the company's founder). At the stage of
construction, which comprises 35% of the project, the company ran out of financing, was unable to
sell the premises and went into crisis. Construction stopped and the company/founder accumulated
financial liabilities to the bank and individuals.

After “GGM Management Company” took over the management, the legal problems were resolved,
all debts were paid out, and the amount required to complete the project was fully financed by one
of the leading banks operating in Georgia.

Construction works of the facility are actively ongoing, with commissioning scheduled for December
2024.

The total budget of the project: 1 000 000 USD