Hospitality&Commercial Real Estate Business update

RNS Number : 3364E

Georgia Capital PLC

03 July 2019

 

                London, 3 July 2019

Update on Hospitality & Commercial Real Estate Business Developments

Georgia Capital PLC (the Group or Georgia Capital) announces that the Group's hospitality & commercial real estate business has been renamed Amber Group. The name reflects the focus of the Hospitality business on capitalizing on the rapidly expanding tourist activities in Georgia - a country considered as the birthplace of wine, with an 8,000 year history. Georgian wine, with its unique cultural heritage, is also well-known for its amber color wine.

Additionally, Georgia Capital announces that Amber Group has acquired an 8,694 sq.m. land plot for a total cash consideration of GEL 7.3mln in an open state tender. The land plot is located in the centre of Zugdidi, a city in Samegrelo, a historical region in western Georgia. The business intends to use the land for a midscale internationally branded hotel development with approximately 130 rooms. The acquisition supports Amber Group's strategy to diversify its hospitality business portfolio across Georgia. The construction works will be carried out by m²'s construction arm, with completion expected in the fourth quarter of 2021.

Name of authorised official of issuer responsible for making notification: Nino Rekhviashvili, Head of Investor Relations

About Georgia Capital PLC

Georgia Capital is the holding company of a diversified group focused on investing in 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 opening of the Georgian economy to Europe and economic development in the wider region. The Group seeks to capture growth in the sectors in which it currently operates and drive the development of new high-growth businesses in Georgia, which it intends to add either by acquiring businesses in their early development stage or by establishing greenfield businesses, often consolidating fragmented or underdeveloped markets. The Group currently has four key portfolio companies: (i) GGU, a water utility and renewable energy business; (ii) m², a residential and commercial property developer; (iii) Aldagi, the foremost provider of property and casualty insurance products in Georgia; and (iv) Teliani, a leading wine and beer producer in Georgia. In addition to its portfolio companies, the Group holds investments in two London Stock Exchange premium-listed Georgian businesses: GHG, (57% stake), the parent company of the largest and diversified healthcare provider in Georgia, which operates in the healthcare services, pharmacy and medical insurance sectors; and Bank of Georgia Group PLC, (19.9% stake), 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	B2/CFR & B2/PDR

For further information, please visit www.georgiacapital.ge or contact: 

Irakli Gilauri	Giorgi Alpaidze	Nino Rekhviashvili
Chairman and Chief Executive	Chief Financial Officer	Head of Investor Relations
[e-mail]	[phone]	+ 995 322 005 045
	[e-mail]	[e-mail]

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

 

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