Page 60 - GEORptFeb22

needed.
Silknet’s $200mn eurobond, which is callable from 2 April 2022 (at 105.5%), was trading at 109.06% of par for an YTM of 7.0% as of Sep-21. At this pricing level, it is highly likely that Silknet will recall its eurobonds in Q2 2022.
9.2.4 Healthcare corporate news
EBRD extends €25mn loan to private operator Georgian Healthcare Group amid pandemic
Georgian Capital to buy remaining 33% minority stake in Gefa pharma network by 2027
The European Bank for Reconstruction and Development (EBRD) has agreed to provide a $25mn loan to LSE-listed Georgian Healthcare Group (GHG), Georgia's largest, integrated healthcare services, pharmacy and medical insurance provider.
The financing was approved as part of the development bank's response to the coronavirus (COVID-19) pandemic, the EBRD said.
The loan is to finance GHG's short-term working capital and spending deemed critical amid the COVID-19 pandemic.
According to an official statement from the EBRD, GHG has an important state-aligned role in the fight against the health emergency. The company has adapted six large hospitals to meet needs of virus-infected patients in line with World Health Organization (WHO) guidelines.
The financing will support the implementation of COVID-19 testing at the country’s most advanced medical laboratory, at Megalab. It is also funded by the EBRD.
Georgian investment holding Georgian Capital announced that it will become the owner of a 100% stake in the pharmaceutical network Gefa (including GPC and Pharmadepo) by 2027.
According to the information published on the London Stock Exchange, the redemption of shares from businessmen will be carried out in six steps and it will be completed in 2027.
Following the initial pharmacy businesses purchases in 2016 and 2017, Georgian Healthcare Group (GHG), which is part of Georgian Capital, has held a 67% equity stake in the combined retail (pharmacy) business. It has a call option on the minority stake during the 12 months starting from January 2023. The remaining 33% minority stakeholders, Enrico Beridze and Mikheil Abramidze, who are also the managing partners of the retail business, have a put option for the minority stake also during the 12 months starting from January 2023.
Gefa is the leading pharma chain in Georgia and it operates about 300 pharmacies throughout the country. The company generated revenue of GEL679.5mn ($225mn) in 2020, which was 10.5% more than the previous year. In 2020, the company had a net profit of GEL32.5mn.
In the first half of 2021, GEFA's total revenue amounted to GEL372.8mn ($125mn), which is 16.9% more than the previous year.
9.2.5 Metal and mining corporate news
Locals in Georgia’s north-west Racha province protest against manganese
Locals in north-west Georgia’s village of Shkmeri protested on November 21 against the planned expansion of manganese mining works in the area.
According to Civil.ge, the protesters are demanding to void two 10-year mineral exploration and extraction licenses sold in an electronic auction in July by the National Agency of Mines, a state body under the Ministry of Economy. The activists cite a plethora of concerns, including fears that mining will destroy the surrounding landscape, negatively affect biodiversity, contaminate air and
60 GEORGIA Country Report February 2022 www.intellinews.com