BGEO completes the acquisition of GGU

Released : 21 Jul 2016 07:08

RNS Number : 8304E
Bgeo Group PLC
21 July 2016
 

 

London, 21 July 2016

 

 

 

BGEO announces the completion of its recently announced acquisition

of the remaining 75% stake in its utilities business

 

 

BGEO Group PLC ("BGEO") announces that JSC BGEO Investments, a wholly owned subsidiary of BGEO, has completed the recently announced acquisition of the remaining 75% equity stake in Georgian Global Utilities Limited ("GGU"). As a result of this buy-out, BGEO owns 100% of GGU.

The BGEO announcement about the purchase of the remaining 75% stake in GGU from 23 June 2016 is available at the following link:

http://bgeo.com/uploads/news/bgeo-announces-the-buyout-of-the-remaining-75-stake-at-its-utilities-business-ggu-58.pdf

 

 

 

Name of authorised official of issuer responsible for making notification:

Ekaterina Shavgulidze, Head of Investor Relations and Funding

 

 

 

About BGEO Group PLC

BGEO Group PLC is a UK incorporated holding company of a Georgia-based banking group with an investment arm. Its primary business is the leading Georgian bank JSC Bank of Georgia, which has a market share of 33.5% (based on total assets), 32.3% (based on total loans) and 33.2% (based on client deposits). The banking business offers a broad range of retail banking, corporate banking, investment management and P&C insurance services. As of 31 March 2016, the bank served approximately 2.0 million client accounts through one of the largest distribution networks in Georgia, with 266 branches, the country's largest ATM network, comprising 753 ATMs, 2,627 Express pay (self-service) terminals and a full-service remote banking platform and a modern call center. The investment business primarily consists of the largest healthcare group in Georgia (Georgia Healthcare Group), real estate business (m2) and utility business (Georgia Global Utilities).

 

 

JSC BGEO Group has, as of the date hereof, the following credit ratings:

Bank of Georgia has, as of the date hereof, the following credit ratings:



Standard & Poor's

'BB-/B'

Fitch Ratings

'BB-/B'

Fitch Ratings

'BB-/B'

Moody's

'B1/NP' (FC) & 'B1/NP' (LC)

Moody's

'B1/NP' (FC) & 'Ba3/NP' (LC)

 

For further information, please visit www.bgeo.com or contact: 

Irakli Gilauri

Michael Oliver

Ekaterina (Eka) Shavgulidze

Group CEO

Adviser to the CEO

Head of Investor Relations

+995 322 444 109

          +44 203 178 4034

         +995 322 444 205

igilauri@bog.ge

          moliver@bog.ge

          eshavgulidze@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
 
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