Georgia Capital PLC Extension of CEO contract (7945D)
24 October 2022 - 5:00PM
UK Regulatory
TIDMCGEO
RNS Number : 7945D
Georgia Capital PLC
24 October 2022
London, 24 October 2022
Extension of CEO contract
Georgia Capital PLC (the "Company" or "Georgia Capital")
announces today that its Board of Directors has agreed with Irakli
Gilauri, Chairman and CEO, to extend the terms of his current CEO
employment contract, which is due to expire in May 2023, to 31
December 2025.
David Morrison, Senior Independent Director, commented: "Irakli
has led Georgia Capital since its demerger from BGEO Group PLC in
2018 and during this time he has developed the Company into a
unique institutional investment business in Georgia, with an
excellent track record in accessing and developing high-quality
management talent; accessing international capital markets,
maintaining high standards of governance; finding attractive new
investment opportunities; and successfully monetising a mature
portfolio company - our water utility business. We are pleased to
see that Georgia Capital will continue to benefit from Irakli's
experience, knowledge of the local business environment, his
enthusiasm and commitment. We are confident that Irakli will
successfully execute on our strategic plans and deliver enhanced
value for all of our stakeholders."
Irakli Gilauri, Chairman and CEO of Georgia Capital, commented:
"I look forward to continuing our efforts to deliver on our
strategy, and demonstrating strong progress towards our key
strategic priority of deleveraging the Company's and portfolio
companies' balance sheets, while consistently growing NAV per
share. I am proud of the progress we have made in bringing Georgia
Capital to this point, and I am equally excited about the
opportunity to help lead the Company into the next phase of our
ongoing journey. We are extremely well-positioned to deliver
consistent NAV per share growth over the medium to long term."
Name of authorised official of issuer responsible for making
notification: Giorgi Alpaidze, Chief Financial Officer
About Georgia Capital PLC
Georgia Capital is a platform for buying, building and
developing businesses in Georgia with holdings in sectors that are
expected to benefit from the continued growth and further
diversification of the Georgian economy. The Group's focus is
typically on larger-scale investment opportunities in Georgia,
which have the potential to reach at least GEL 300 million equity
value over 3-5 years from the initial investment and to monetise
them through exits, as investments mature. Georgia Capital
currently has the following portfolio businesses: (i) a retail
(pharmacy) business, (ii) a hospitals business, (iii) an insurance
business (P&C and medical insurance); (iv) a clinics and
diagnostics business, (v) a renewable energy business (hydro and
wind assets) and (vi) an education business; Georgia Capital also
holds other small private businesses across different industries in
Georgia; a 20% equity stake in the water utility business and a 20%
equity stake in LSE premium-listed Bank of Georgia Group PLC
("BoG"), a leading universal bank in Georgia.
JSC Georgia Capital has, as
of the date hereof, the following
credit ratings:
S&P Global B+/FC & B+/LC
Moody's B1/CFR & B1/PDR
For further information, please visit www.georgiacapital.ge or
contact:
Irakli Gilauri Giorgi Alpaidze Michael Oliver Shalva Bukia
Chairman and Chief Executive Chief Financial Officer Adviser to the Chairman & CEO Head of Investor Relations
ir@gcap.ge +995 322 005 000 +44 203 178 4034 + 995 322 005 045
ir@gcap.ge ir@gcap.ge ir@gcap.ge
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END
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