Page 51 - GEORptAug20

in Amsterdam devoted to works depicting cats—set himself up as a venture capitalist in the 1980s, a trend that spilled over from the US in which entrepreneurs restart or buy businesses.
In Georgia, Meijer opened with local partners Babylon stores, relaunched Borjomi spring water, reopened winery Mukhrani, created tea brand Gurieli and engaged in real estate business. Meijer was also involved in the establishment of TBC Bank, in which he still has a small interest.
Founded in 2014, ADC was a joint venture of Conti International and TBC Holding, then led by Khazaradze. It won the state contract to build and operate the deep sea port in Anaklia 2016.
In May, ADC invited the Georgian government to reconsider its termination of the public-private partnership (PPP) contract for the construction of the port, arguing that the delivery of the project would serve as a driver for economic recovery in the wake of the coronavirus (COVID-19) crisis.
9.1.6 ​Healthcare sector news
Georgia Capital makes all-share offer to Georgia Healthcare minority shareholders
EBRD extends €​25mn loan to private operator Georgian Healthcare Group amid pandemic
Investment holding Georgia Capital has announced an all-share offer made to minority shareholders of Georgia Healthcare Group, in which it holds 70.6%. ​The move follows talks for a full takeover of the healthcare services, pharmacy and medical insurance provider that were declared last month.
Georgia Healthcare's shareholders would receive one Georgia Capital share for each five Georgia Healthcare shares they hold. Based on the average price of Georgia Healthcare's shares in the three months ended May 18, this represents a 9.4% premium.
Should all Georgia Healthcare shareholders accept the offer, they will own around 16.15% of Georgia Capital's enlarged share capital.
Georgia Healthcare’s just published Q1 results showed a swing to a Georgian lari (GEL) 7.5mn loss ($2.3mn) from a GEL17.4mn profit a year ago. The company posted revenues that were 10.6% y/y stronger at GEL260.1mn ($81.3mn). However, it incurred a GEL21.9mn loss caused by currency lari depreciation versus only a GEL148,000 loss in the prior year.
Separately, Georgia Capital issued a Q1 trading update. It showed its net asset value per share on March 20 to be GEL20.18, down 36% from GEL46.84 at the end of 2019.
This was attributed to "depressed valuations" of Bank of Georgia Group and Georgia Healthcare.
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,​t​he 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.
51​ GEORGIA Country Report ​August 2020 ​ ​www.intellinews.com