Enka Construction: Georgian Government to Compensate Our Subsidiary Approximately $383.2 Million Along with Interest

Foreks - Enka İnşaat announced that the arbitration process regarding the hydropower project in Georgia has been completed, and it has been decided that the Georgian government will pay approximately $383.2 million in compensation to the subsidiary, along with interest.

In a statement made to the Public Disclosure Platform (KAP), it was noted: "On September 20, 2021, we informed that the contract related to the Namakhvani Cascade Hydropower Project in Georgia was terminated by our subsidiary ENKA (IS:ENKAI) Renewables LLC. The ongoing international arbitration process regarding the termination has been completed, and it has been ruled that our subsidiary justifiably terminated the contract, leading to the decision that the Georgian government will pay approximately $383.2 million in compensation to our subsidiary, along with interest. This compensation amount will be reported to our investors through a special situation announcement upon its collection."