Transaction in Own Shares • May 4, 2018
Transaction in Own Shares
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RNS Number : 1401N
Bgeo Group PLC
04 May 2018
London, 4 May 2018
BGEO Group's real estate subsidiary acquires a hotel in Gudauri
BGEO Group PLC (the "Group" or "BGEO"), announces that the Group's real estate subsidiary, m2 Real Estate ("m2"or the "Company"), has acquired an under construction hotel in Gudauri ("the Gudauri Hotel") for a total cash consideration of US$7.2 million (including VAT). The Gudauri Hotel is expected to add at least 134 rooms to m2's portfolio, conveniently located on the slope with ski-in and ski-out facilities in Gudauri - a leading ski resort in the Caucasus region. The skeleton of the building is already finished and remaining construction works will be carried out by m2's construction arm. The Company expects to open its doors to its first visitors in December 2018.
Irakli Gilauri, BGEO CEO commented: "I am delighted to announce that m2 successfully continues to make progress towards its targeted 1,000 hotel room portfolio, over the next three years. With this acquisition, m2 has now reached approximately 760 rooms in its portfolio, of which 152 are operational and 608 are in the pipeline. The Gudauri Hotel, located in Georgia's most popular ski resort, is expected to attract a growing number of international and local tourists interested in skiing and mountain resort experiences."
Name of authorised official of issuer responsible for making notification: Giorgi Alpaidze, Group CFO
About BGEO Group PLC
The Group: BGEO Group PLC ("BGEO"- LSE: BGEO LN) is a UK incorporated holding company of a Georgia-focused investment platform. BGEO invests, via its subsidiaries, in the banking and non-banking sectors in Georgia (BGEO and its subsidiaries, together the "Group"). BGEO aims to deliver on its strategy of: (1) at least 20% ROAE from its Banking Business; (2) 15%-20% growth of its Banking Business loan book; (3) at least 25% IRR; and (4) up to 20% of the Group's profit from its Investment Business. On 3 July 2017 BGEO announced its intention to demerge BGEO Group PLC into a London-listed banking business (the "Banking Business") and a London-listed investment business (the "Investment Business") by the end of the first half of 2018.
Banking Business: Currently comprises: a) retail banking and payment services, b) corporate investment banking and wealth management operations and c) banking operations in Belarus ("BNB"). JSC Bank of Georgia ("BOG" or the "Bank") is the core entity of the Group's Banking Business. The Banking Business will continue to target to benefit from the underpenetrated banking sector in Georgia primarily through its retail banking services.
Investment Business: Currently comprises the Group's stakes in Georgia Healthcare Group PLC ("Healthcare Business" or "GHG") - an LSE (a London Stock Exchange) premium-listed company, Georgia Global Utilities ("Utility and Energy Business" or "GGU"), m2 Real Estate ("Real Estate Business" or "m2"), Teliani Valley ("Beverage Business" or "Teliani"), Aldagi ("Property and Casualty Insurance Business" or Aldagi") and Bank of Georgia Group ("Banking Business" or "BoG"). Georgia's fast-growing economy provides opportunities in a number of underdeveloped local markets and the Investment Business will target to capture growth opportunities in the Georgian corporate sector.
| JSC BGEO Group has, as of the date hereof, the following credit ratings: | Bank of Georgia has, as of the date hereof, the following credit ratings: | ||
| Fitch Ratings | 'BB-/B' | Fitch Ratings | 'BB-/B' |
| Moody's | B1/NP (FC) & B1/NP (LC) | Moody's | 'Ba3/NP' (FC) & 'Ba2/NP' (LC) |
For further information, please visit www.bgeo.com or contact:
| Irakli Gilauri | Michael Oliver | Giorgi Alpaidze |
| Group CEO | Adviser to the CEO | Group CFO |
| +995 322 444 109 | +44 203 178 4034 | +995 322 444 190 |
| [email protected] | [email protected] | [email protected] |
This news report is presented for general informational purposes only and should not be construed as an offer to sell or the solicitation of an offer to buy any securities
This information is provided by RNS
The company news service from the London Stock Exchange
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