Portfolio Valuation and Ameriabank Acquisition Update
2023 LOOKBACK
GEORGIA
CAPITAL
01
TRANSFER TO LSE
STANDARD LISTING
Following the approval of
99.99% of the voting
shareholders, in April 2023,
GCAP completed the transfer
to the LSE standard listing.
The transfer:
■
Provides flexibility to
dispose assets;
Simplifies the procedures
to execute meaningful
buybacks;
Reduces costs.
02
ISSUANCE OF US$
150 MILLION
SUSTAINABILITY-
LINKED BOND
In August 2023, GCAP
successfully issued a US$
150 million sustainability-
linked bond on the Georgian
market.
This issuance, together with
GCAP's existing liquid funds,
was utilised to fully redeem
our US$ 300 million
Eurobond.
03
SHARE BUYBACK
PROGRAMMES
Since Jan-23, c.2.1 million
shares (US$ 24.8 million in
value) have been bought
back and cancelled under
GCAP's US$ 25 million
buyback programme.
In total, 7.9 million shares
(US$ 86 million in value)
have been repurchased and
cancelled since demerger in
2018, representing c.16.5%1
of the issued share capital at
its peak.
04
BUYOUT OF THE
MINORITY
SHAREHOLDERS IN
RETAIL (PHARMACY)
In 2Q23, our retail (pharmacy)
business completed the buyout
of the minority shareholders to
increase GCAP's stake to 97.6%
(from the previous 77.0%).
The buyout was executed at
previously disclosed/agreed
valuation multiples.
05
SALE OF
HOSPITALITY
BUSINESS ASSETS
Our hospitality business
successfully completed the
sale of two operational hotels,
two under-construction
properties, and a vacant land
plot for a total consideration
of US$ 38.6 million.
The proceeds from these sales
were utilised for deleveraging
the hospitality business's
balance sheet.
06
EXPANSION OF
THE EDUCATION
BUSINESS
In 2023, the total learner
capacity of the education
business increased by 1,600
learners to 7,270 learners,
reflecting:
a) the launch of a new
campus in the mid-scale
segment category; and
b) the acquisition of the new
campus in the affordable
segment category.
Georgia Capital PLC | 1. Determined by taking into account the peak number of 47.9 million shares issued as of 31-Dec-20.
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