Givi Targamadze sentenced to seven months in prison for defying investigative commission

TBC PLC agreed to acquire a majority stake in BILLZ for up to $12 million, including an initial 53% stake for $9 million with plans to increase it to 60% over the next two years, giving BILLZ a post-money valuation of $20 million. The partnership and planned investment will unlock additional catalysts for growth for both BILLZ and TBC Uzbekistan.Under the terms of the deal, BILLZ will continue to operate under its own brand, while becoming fully integrated into the TBC Uzbekistan ecosystem. The management and wider team at BILLZ will remain with the company, continuing to lead its product development and execution.TBC PLC has entered into a put/call arrangement for the remaining 40% of BILLZ, which can be exercised 36 months after the completion of this deal.BILLZ is an all-in-one retail management SaaS platform for SMEs, combining POS, inventory, CRM, e-commerce, and analytics to streamline operations and drive sales. It simplifies marketing, connects seamlessly to marketplaces and social shops, and helps retailers grow online. BILLZ currently supports over 4,000 retail businesses and processes more than 1.5 million transactions per month, making it one of the most widely used SaaS platforms in the region.BILLZ will enhance TBC Uzbekistan’s reach into the strategically important SME segment, providing immediate access to thousands of business customers and creating additional synergies within the ecosystem to drive average revenue per user, loyalty and stickiness. BILLZ users will in turn gain seamless access to banking and lending products provided by TBC UZ, Payme’s suite of digital payments services, as well as other products within the TBC Uzbekistan ecosystem.The strategic partnership agreement with BILLZ comes as TBC Uzbekistan continues to expand the product offering available within its digital banking ecosystem. It follows the recent launch of a new lending product for business customers, unveiled in April as part of the TBC Business offering for small and medium-sized enterprises, as well as the launches of Osmon credit card and Salom debit card last year. These products are already playing a key role in tapping new customer segments, diversifying revenue streams and driving growth of TBC’s digital banking ecosystem.Nika Kurdiani, CEO of TBC Uzbekistan, commented: “Since our 2019 expansion into Uzbekistan, TBC has played a leading role in the development of the country’s financial services and technology sectors. We have been a key strategic investor and builder, with our digital banking ecosystem setting a new standard for best-in-class digital products in a previously underserved market. We are pleased to be continuing this work through a strategic partnership with market leader BILLZ, reconfirming our ongoing commitment to supporting Uzbekistan’s vibrant startup community. We will continue to innovate and expand our offering as part of this partnership, which signals an important step change for the tech industry in Uzbekistan. We have noted with great admiration the work that Rustam and the founding team at BILLZ have done to transform the platform into one of the country's leading players in its space and are proud to welcome BILLZ into the TBC family. I am confident that this partnership will help to fuel the platform’s growth and development, as well as unlock additional synergies within our ecosystem that will further drive customer engagement, loyalty and revenue growth.”Rustam Khamdamov, CEO & Co-Founder of BILLZ, commented: “This partnership is a major milestone not only for BILLZ, but also for the broader startup ecosystem in Central Asia. Over the past few years, we’ve been focused on empowering thousands of retail entrepreneurs with modern tools to grow and digitize their businesses. Joining forces with TBC Uzbekistan gives us a powerful platform to scale our impact, offer more value to our customers, and accelerate our mission across the region. We’re proud of what our team has built and excited for this next chapter of growth together with TBC.”TBC Capital is acting as sole M&A advisory to TBC PLC in connection with the transaction. 

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In May 2025, according to data from TBC Bank’s payment channels, consumers increased their overall spendings and made more transactions compared to last year’s May.In the leisure sector, particularly in hotels, spending increased by 34%, which was mainly driven by non-residents’ increased spending. Non-residents’ average transaction in hotels was approximately 3 times higher compared to residents’ figure.In May 2025, there was a notable annual increase in non-cash spending in restaurants, while average spending marked GEL 34. During the same month, non-residents’ average transaction volume was approximately 5 times higher than the residents’ figure.Consumers spent 37% more on apparel and accessories in May 2025 compared to the previous year. 

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The volume of water provided to households amounted to 243.4 million cubic metres which is 5.1 percent higher compared to 2023 (231.5 cubic meters).As of December 31, 2024, the number of population connected to water supply industry amounted to 2.79 million (75.4 %) which is 1.5 percent higher compared to 2023 (2.75 million).In 2024, the number of population connected to a wastewater collecting system increased by 1% compared to the year prior (1.98 million) and amounted to 2.00 million (54.1 %), while the number of population connected to wastewater treatment facilities increased by 3.9 percent compared to previous year (1.52 million) and reached 1.58 million (42.7 % of total population).

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Diseases of the circulatory system (41.3 percent) and neoplasms (13.0 percent) are the dominant causes of death.Causes of death vary with age. Certain disorders originating in the perinatal period are dominant among children under-5. At the age of 5-39, Injury, poisoning and certain other consequences of external causes prevail, as the risk of accidents is relatively higher for these age groups. At the age of 40 and above, the dominant causes of death are diseases of the circulatory system and neoplasms.

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The volume of reserves as of 01.06.2025 is $4.6 billion.According to the regulator, the NBG is focused on replenishing its reserves. It buys dollars when the market allows for purchases.The foreign exchange interventions carried out by the NBG in 2025 look like this: January-February - No net purchases were made through Bmatch March - Net purchases through Bmatch 101.7 million USD April - Net purchases through Bmatch 266.4 million USD May - Net purchases through Bmatch 245.4 million USD The National Bank of Georgia will announce the June purchases at the end of July. Updated data will be published on July 25, 2025.

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As of May 2025, the number of transactions of residential flats in Batumi has increased by 8.9 % to 1,354 units. The market size has increased by 23.7% standing at USD 76 millions. Note: The methodology of price analysis has been updated for new projects, which has resulted in changes in 2022-2025 figures.In May 2025, the number of transactions of newly-built flats in Batumi has increased by 10.1% year over year, while a 3.7% YoY decrease rate has been observed in the case of old flats.

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As of May, 1.054 billion GEL remains on the current accounts of foreign companies (01.04.2025 -1.231 billion), and of this, only 69 million (65.5%) are denominated in GEL. The share of foreign currency has decreased annually. In the same period last year, dollarization exceeded 88%.In April, there was a decrease of 200 million GEL on the balances.In the reporting month, the equivalent of up to 2.4 billion GEL of foreign currency was withdrawn (or transferred) from foreign currency accounts. 726 million GEL from the salary.Withdrawal should not be understood in a negative context, the company used it for a specific purpose. Maybe it was transferred to a deposit.

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In a statement published on social media platform X (formerly Twitter), Norway expressed serious concern over the political climate in Georgia, urging the authorities to respect fundamental freedoms and the rule of law.“Norway calls for the release of those unjustly detained and for an end to the repression of civil society, free media, and freedom of speech in Georgia,” the ministry stated. The recent arrests of several opposition leaders in Georgia represent an unprecedented attack on Georgia's democracy.Norway calls for the release of those unjustly imprisoned, and an end to repressive actions against civil society, free media, and freedom of speech in Georgia. — Norway MFA (@NorwayMFA) June 25, 2025 The criticism comes amid a wave of arrests of opposition leaders who failed to appear before the so-called “Tsulukiani Commission”, a parliamentary body set up to investigate alleged foreign influence and “anti-state activities.”A total of seven prominent political figures have been detained in recent weeks, including current and former leaders of major opposition parties: Giorgi Vashadze (Strategy Agmashenebeli) – arrested June 24, sentenced to 7 months Mamuka Khazaradze (Strong Georgia) – arrested June 23, sentenced to 8 months Badri Japaridze (Strong Georgia) – arrested June 23, sentenced to 8 months Nika Gvaramia (Coalition for Change) – arrested June 13, sentence not disclosed Nika Melia (Coalition for Change) – arrested May 29, sentence not disclosed Zurab Japaridze (Coalition for Change) – arrested May 22, sentence not disclosed Irakli Okruashvili (former Minister of Defense) – arrested May 14, sentence not disclosed

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