Page 56 - GEORptAug20

It was EBRD’s fourth transaction involving EVEX since 2016, when the EBRD provided a financing facility for the renovation and refurbishment of a hospital in Tbilisi.
EVEX Hospitals last November issued five-year unsecured bonds on the domestic market at a yield that was 310bp over the National Bank of Georgia monetary policy rate. With the policy rate at 8.5%, this gave the bond a current yield of 11.6%.
The EBRD came in as a cornerstone investor.
9.2.3 ​Agriculture corporate news
Georgian Industrial Group subsidiary launches agricultural machinery plant in Kazakhstan
CHK Kazrost Engineering, a subsidiary of the Georgian Industrial Group, has launched an agricultural machinery plant worth $60mn in Kazakhstan’s Akmola Region, Kazakh Invest national investment promotion company said in a statement on July 17.
The project was supported by Kazakh Invest. The plant will help CHK Kazrost Engineering increase its capacity for producing agricultural machinery to 425 units per annum - the statement did not specify its current capacity. Around 10% of the equipment will be exported. The company produces machinery based on a licensing agreement with Russian manufacturer Rostselmash. "The implementation of this project will significantly reduce the cost of farmers to purchase expensive equipment from abroad. The manufacturer already participates in various state programs to support farmers. Including in the Agrotechnika program, which is subsidized by the state. At the same time, the state provides an investment subsidy of 20-25% for the purchase of agricultural machinery," said Ulbosyn Sarybayeva, managing director of Kazakh Invest.
Kazakhstan imports 90% of its own agricultural machinery.
Georgian Industrial Group is the largest industrial holding in Georgia with a diversified business portfolio, including coal mining and energy production.
9.2.4 ​Textile corporate news
Georgian textile group builds new factory in Rustavi
Local textile enterprise Ajara Textile is building its fourth factory in Georgia which will create 3,000 jobs in four months, announced the Prime Minister of Georgia Giorgi Gakharia attending the launch of the construction of the new factory.
This factory will be operated by Kartli Textile which is owned by Ajara Textile. The first three factories were built in the Adjara region of Georgia while the forth and new one is being built in Rustavi.
“The apparel sewn in this enterprise will be used by the best teams and sportsmen of the world. We can all be proud to see that Made in Georgia label is on the apparel. Let's take care of businesses, take care of each other, create new jobs and of course, strengthen local production,” said Gakharia.
Ajara Textile produces and exports more than 15mn items of apparel per year and cooperates with international brands such as Nike, Adidas and Puma.
9.2.5 ​TMT corporate news
Azerbaijan’s Neqsol Holding concerned about Georgia law threatening its
Matthew Bryza, a former US ambassador to Azerbaijan and a member of Neqsol Holding's energy supervisory board, ​has spoken to BMG​​about the adoption of legislative amendments in Georgia that might threaten the company’s regional data hub investment in Caucasus Online.
56​ GEORGIA Country Report ​August 2020 ​ ​www.intellinews.com