Page 41 - Caucasus Outlook 2024

5.0 Markets Outlook
5.1 Markets - Georgia
The Georgian Stock Exchange stands as the sole organised securities market in the country, hosting shares and bonds from 23 listed companies with a combined market capitalisation of $748 million.
Georgia Capital, a major investment holding, recently issued the largest-ever sustainability-related bonds on the local market, amounting to $150 million for a 5-year term. This marks the largest debt obligation on the Georgian Stock Exchange and the Caucasus.
As part of this initiative, Georgia Capital aims to reduce greenhouse gas emissions by 20% by 2027, aligning with its commitment under the Paris Agreement.
EBRD invested $25 million, while the International Finance Corporation (IFC) contributed $10 million to the $150 million bond issued by Georgian Capital.
However, the Georgian Stock Exchange experiences low monthly activity, with a total turnover of GEL466 recorded in November. Only two transactions were recorded during the month, resulting in a daily average turnover of GEL21, although this represents progress compared to previous months, such as April when turnover was at 0 GEL.
In 2022, the exchange saw a total of 34 transactions with a volume of 6.6 million GEL.
Three Georgian companies – TBS Bank, Capital of Georgia, and Bank of Georgia – are listed on the London Stock Exchange.
5.2 Markets - Armenia
The Armenia Securities Exchange (AMX) is the sole regulated securities market operator in Armenia. AMX offers a comprehensive range of services, including listing, trading, clearing, information services, and alternative market solutions. The agency, managed by the country’s Central Bank, does not provide comprehensive analysis on the exchange turnover.
As of September 2023, there are 24 organisations listed in AMX, with 1559 total transactions for the mentioned period.
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