Bank of Georgia listed on London Stock Exchange
December 1, 2006 The Messenger
President Mikheil Saakashvili opened trading at the London Stock Exchange yesterday, in celebration of the listing of Bank of Georgia, the first Georgian company to be floated abroad.
"Georgia has been developing rapidly as a state. Today many professionals are working in the Georgian banking system but we have still much to do in this direction," said Saakashvili at the opening of trading on November 29.
Saakashvili, talking with Georgian journalists before visiting the stock exchange, called the Bank of Georgia's listing on the stock exchange a "historic event" for the Georgian economy.
"This is a significant step for the Georgian economy, but it must be followed with other economic achievements for our country's economic development," Saakashvili said, adding that "we should show the world that we will solve all our problems and Georgia will become an economically developed country."
Newly appointed Minister of Economic Development Giorgi Arveladze accompanied the president to London. According to him, the fact that the Bank of Georgia was listed on the London Stock Exchange once again proves that Georgia is becoming the part of the global economy, adding that "more and more businessmen will express their interest in Georgia."
The Bank of Georgia reported that it was listed on the London Stock Exchange last week, with an initial public offering expected to be up to USD 155 million. The bank will offer up to 8.9 million shares in the form of Global Depositary Receipts (GDR), at a price range of USD 15 and USD 17.50 per GDR.
The floatation is expected to be worth between USD 350 million to USD 425 million, the Bank of Georgia said.
"Transparency is very important for the business, as the investor should receive comprehensive information. If a company wants to be accessed by the international market then it should be very progressive, the Bank of Georgia has a clear strategy in this direction, and we do not lack progressiveness," CEO of the Bank of Georgia, Lado Gurgenidze, told Rustavi 2 after the opening ceremony.
Bank of Georgia has a 22 percent share of Georgia's retail banking market and serves 300 000 clients through its network of 92 branches.
Company — Bank of Georgia
Full nameJSC Bank of Georgia