Business Roundup
Friday, January 18
Prepared by Christina Tashkevich
GRDC raises USD 105 million equity ahead of IPO on LSE
Georgian property developer Georgian Reconstruction and Development Company (GRDC) has closed a USD 105 million institutional equity deal, ahead of a stock exchange listing on the London Stock Exchange planned for the end of 2008.
The Marbleton Property Fund, Altima Central Asia Fund and Citi’s Global Special Situations Group together invested USD 90 million to become shareholders, joining major investor EBRD, which purchased a USD 15 million stake earlier in 2007.
“We are delighted to welcome our new partners: their experience, reputation and capital will help the company move to a new phase in its growth,” GRDC president Mamuka Khazaradze said.
The Marbleton Property Fund invested USD 50 million, Altima Central Asia Fund USD 25 million and Citi’s Global Special Situations Group USD 15 million.
“GRDC represents a highly attractive investment opportunity, uniquely combining an experienced, international team with a high quality collection of real estate assets,” Jon Hodnett, representing Marbleton, said.
Teliani Valley plans more brandy sales
The wine company Teliani Valley plans to increase sales of brandy in 2008. In 2006–2007, the company sold 50 000 bottles of Le-Caucas brandy; in 2008, the company plans to sell 100 000 bottles of the brand.
The company produces six types of brandy, with prices ranging from GEL 12–120. Fifty percent of Teliani Valley’s brandy is exported to Baltic countries, Great Britain, Ukraine and Kazakhstan.
Georgia tourism exhibit in the Netherlands
Georgia’s department of tourism will participate in an international tourism exhibition in Utrecht, Holland from February 8–13.
Caucasus Travel, Visit Georgia, Intertour and Media Tour will all participate in the exhibition.
Bank of Georgia receives a USD 65 million loan facility
Bank of Georgia announced last week it has secured a USD 65 million senior loan facility arranged by Merrill Lynch International. The term of the facility is 13 months and can be extended to 24 or 36 months by mutual consent.
“This transaction demonstrates that despite difficult credit market conditions, Bank of Georgia is able to attract funding in international financial markets,” the acting chair of the bank’s supervisory board, Nicholas Enukidze, said.
Shumi presents a new brand
The wine company Shumi will soon present its new wine brand, Vigu. Shumi is currently producing 54 wine brands and the Kakhetian vodka Chacha. In 2007, the company sold more than 100 000 bottles of wine. Eighty percent of Shumi products are exported, while twenty percent is sold on the local market. Shumi sells its products in Kazakhstan, Ukraine, Poland, Switzerland, Germany, USA, UK, Taiwan, Japan, Spain and the Canary Islands.
The company was found in the Kakhetian town of Telavi in 2000.
GRDC raises USD 105 million equity ahead of IPO on LSE
Georgian property developer Georgian Reconstruction and Development Company (GRDC) has closed a USD 105 million institutional equity deal, ahead of a stock exchange listing on the London Stock Exchange planned for the end of 2008.
The Marbleton Property Fund, Altima Central Asia Fund and Citi’s Global Special Situations Group together invested USD 90 million to become shareholders, joining major investor EBRD, which purchased a USD 15 million stake earlier in 2007.
“We are delighted to welcome our new partners: their experience, reputation and capital will help the company move to a new phase in its growth,” GRDC president Mamuka Khazaradze said.
The Marbleton Property Fund invested USD 50 million, Altima Central Asia Fund USD 25 million and Citi’s Global Special Situations Group USD 15 million.
“GRDC represents a highly attractive investment opportunity, uniquely combining an experienced, international team with a high quality collection of real estate assets,” Jon Hodnett, representing Marbleton, said.
Teliani Valley plans more brandy sales
The wine company Teliani Valley plans to increase sales of brandy in 2008. In 2006–2007, the company sold 50 000 bottles of Le-Caucas brandy; in 2008, the company plans to sell 100 000 bottles of the brand.
The company produces six types of brandy, with prices ranging from GEL 12–120. Fifty percent of Teliani Valley’s brandy is exported to Baltic countries, Great Britain, Ukraine and Kazakhstan.
Georgia tourism exhibit in the Netherlands
Georgia’s department of tourism will participate in an international tourism exhibition in Utrecht, Holland from February 8–13.
Caucasus Travel, Visit Georgia, Intertour and Media Tour will all participate in the exhibition.
Bank of Georgia receives a USD 65 million loan facility
Bank of Georgia announced last week it has secured a USD 65 million senior loan facility arranged by Merrill Lynch International. The term of the facility is 13 months and can be extended to 24 or 36 months by mutual consent.
“This transaction demonstrates that despite difficult credit market conditions, Bank of Georgia is able to attract funding in international financial markets,” the acting chair of the bank’s supervisory board, Nicholas Enukidze, said.
Shumi presents a new brand
The wine company Shumi will soon present its new wine brand, Vigu. Shumi is currently producing 54 wine brands and the Kakhetian vodka Chacha. In 2007, the company sold more than 100 000 bottles of wine. Eighty percent of Shumi products are exported, while twenty percent is sold on the local market. Shumi sells its products in Kazakhstan, Ukraine, Poland, Switzerland, Germany, USA, UK, Taiwan, Japan, Spain and the Canary Islands.
The company was found in the Kakhetian town of Telavi in 2000.