Bgeo Group PLC BGEO Group announces a sale of shares in GHG (9074Z)
20 March 2017 - 6:01PM
UK Regulatory
TIDMBGEO
RNS Number : 9074Z
Bgeo Group PLC
20 March 2017
London, 20 March 2017
BGEO Group announces a sale of shares in Georgia Healthcare
Group PLC
BGEO Group PLC ("BGEO" or the "Group"), announces that it sold
833,160 shares (representing approximately 0.7% of GHG's issued
share capital) in Georgia Healthcare Group PLC ("GHG") on 17 March
2017. These shares were sold at a price of GBP 3.60 (USD 4.45) per
share - the closing price per share on the London Stock Exchange
the day before the transaction. The shares were acquired by former
shareholders of JSC ABC Pharmacia, a chain of pharmacies purchased
by GHG in January 2017, and are subject to three-year lock-up
period. Given the volume of the shares involved, a private sale on
an arms-length and commercial basis was selected as the most
appropriate form for the transaction by both parties. Following the
sale, BGEO continues to hold 64.3% of GHG's issued share
capital.
The sale resulted in the total gross proceeds of GEL 9.2 million
(US$3.7 million) to the Group. As a result of the sale, BGEO
realized a gain of GEL 6.1 million (US$2.4 million), which will be
recorded through an increase in the shareholders' equity in
1Q2017.
Name of authorised official of issuer responsible for making
notification: Giorgi Alpaidze, Head of Investor Relations
About BGEO Group PLC
The Group: BGEO Group PLC ("BGEO" or the "Group" - LSE: BGEO LN)
is a UK incorporated holding company of a Georgia-focused
investment platform. BGEO invests in the banking and non-banking
sectors in Georgia (BGEO and its subsidiaries, the "Group"). BGEO
aims to deliver on a 4x20 strategy: at least 20% ROAE and at least
20% growth of retail loan book in Banking Business, and at least
20% IRR and up to 20% of the Group's profit from Investment
Business.
Banking Business: Our Banking Business comprises at least 80% of
the Group's profit and consists of Retail Banking, Corporate
Banking and Investment Management businesses at its core and other
banking businesses such as P&C Insurance, Leasing, Payment
Services and Banking operations in Belarus ("BNB"). The Group
strives to benefit from the underpenetrated banking sector in
Georgia especially through its Retail Banking services. JSC Bank of
Georgia ("BOG" or the "Bank") is the main entity in the Group's
Banking Business.
Investment Business: Our Investment Business comprises up to 20%
of the Group's profit and consists of Georgia Healthcare Group
(Healthcare Business) - an LSE (London Stock Exchange PLC) premium
listed company, m2 Real Estate (Real Estate Business), Georgia
Global Utilities (Utility Business or GGU) and Teliani Valley
(Beverage Business). Georgia's fast-growing economy provides
opportunities in a number of underdeveloped markets and the Group
is well positioned to capture growth opportunities in the Georgian
corporate sector.
JSC BGEO Group has, as Bank of Georgia has, as
of the date hereof, the of the date hereof, the
following credit ratings: following credit ratings:
Fitch Ratings 'BB-/B' Fitch Ratings 'BB-/B'
Moody's B1/NP (FC) Moody's 'B1/NP' (FC)
& B1/NP (LC) & 'Ba3/NP'
(LC)
For further information, please visit www.bgeo.com or
contact:
Irakli Gilauri Michael Oliver Giorgi Alpaidze
Group CEO Adviser to the Head of Investor
CEO Relations
+995 322 444
+995 322 444 109 +44 203 178 4034 444 (ext. 3979)
igilauri@bog.ge moliver@bog.ge g.alpaidze@bog.ge
This news report is presented for general informational purposes
only and should not be construed as an offer to sell or the
solicitation of an offer to buy any securities
This information is provided by RNS
The company news service from the London Stock Exchange
END
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