EBRD sells Bank of Georgia shares

The European Bank for Reconstructions and Development (EBRD) has sold its five percent stake in Bank of Georgia Holdings Plc, the country’s largest bank.

The bank confirmed the sale and said the move reflected "strong institutional investor demand and increasing investor focus on Georgia”.

The 1,795,503 shares, representing the EBRD’s entire holding in Bank of Georgia, were sold in an Accelerated Book build Offering, which launched after the stock market closed in London on September 23, 2014.

The transaction was successfully completed at a small discount to September 24 closing price of ?24.98 on the London Stock Exchange. The shares were placed with a broad range of international institutional investors through RBC Capital Markets and UBS Limited as joint book runners.

Bank of Georgia’s CEO Irakli Gilauri said he appreciated the support the bank had received from the EBRD over the past 19 years, as the Bank of Georgia transformed itself into a dynamic financial institution spanning a range of product areas.

"We are especially gratified that existing investors have increased their stakes and that we are also attracting new institutional shareholders. This transaction illustrates the depth of support for the bank from international investors and signals increasing investor interest in Georgia’s capital market. We are looking forward to continuing our strong relationship with the EBRD on a number of other longer term funding projects,” he said. (Agenda.ge)