TBCG Tbc Bank Group Plc

TIDMTBCG

RNS Number : 7552W

TBC Bank Group PLC

16 November 2017

 
                                          Smaller Related Party Transaction 
 
            TBC Bank Group PLC ("TBC PLC") is pleased to announce that in order to secure a plot to build 
              the new corporate headquarters allowing TBC PLC to rationalise its legacy of different HQ 
              buildings, it has entered into a swap agreement with JSC Lisi Lake Development ("LLD") and 
              its wholly owned subsidiary LLC Lisi FO ("LFO"). LLD, which is controlled by the founders 
              of JSC TBC Bank ("TBC Bank") (who are also directors of TBC PLC), will exchange titles to 
             land plots with a total area of 16.2 hectares for a creditor`s right that TBC Bank holds on 
              a secured non-performing loan (the "Transaction"). The two assets were valued at $13.7m as 
                         at 30 September 2017 by an internationally reputable audit company. 
 
                          The Transaction was closely monitored by TBC PLC audit committee. 
                 The Transaction is a smaller related party transaction under Listing Rule 11.1.10R. 
 
 
 
                                        For further enquiries, please contact: 
                                              Head of Investor Relations 
                                                  Anna Romelashvili 
                                                  ir@tbcbank.com.ge 
 
 
 
 
                                         About TBC Bank Group PLC ("TBC PLC") 
              TBC PLC is a public limited company registered in England and Wales that was incorporated 
            in February 2016. TBC PLC became the parent company of JSC TBC Bank ("TBC Bank") on 10 August 
                     2016. TBC PLC is listed on the London Stock Exchange under the symbol TBCG. 
 
             TBC Bank, together with its subsidiaries, is the leading universal banking group in Georgia, 
           with a total market share of 38.2% of loans and 38.6% of non-banking deposits as at 30 September 
                        2017, according to the data published by the National Bank of Georgia. 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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