Digomi project update

RNS Number : 7181W

Georgia Capital PLC

12 December 2019

 

                London, 12 December 2019

Digomi project update

Georgia Capital PLC (the "Group" or "Georgia Capital") announces that the Group's housing development business (the "Housing Development") has started apartment pre-sales for the second stage of its largest  in-house residential project, Digomi. The project is being developed in three stages, where the second stage will add 47,167 sq.m. with US$ 53 million sales value to the Housing Development's inventory. The construction works for stage one commenced in July 2019 and 15,942 sq.m. with US$ 17 million value has already been sold out of total 22,000 sq.m. sellable area. The pre-sales for the remaining third stage, the largest phase of the project, is expected to kick in from 4Q20. The construction and development of Digomi project, which will add in aggregate 168,000 sq.m. residential and 84,000 sq.m. commercial spaces, will be completed by the end of 2023.  

Name of authorised official of issuer responsible for making notification: Nino Rekhviashvili, Head of Investor Relations

About Georgia Capital PLC

Georgia Capital is a platform for buying, building and developing businesses in Georgia with holdings in sectors that are expected to benefit from the continued growth and further diversification of the Georgian economy. The Group seeks to capture growth in the sectors in which it currently operates and drive the development of new high-growth businesses in Georgia, which it intends to add either by acquiring businesses in their early development stage or by establishing greenfield businesses, often consolidating fragmented or underdeveloped markets. The Group currently has six private company holdings: (i) a water utility business (GGU), (ii) a renewable energy business (GGU); (iii) a housing development business (m²)  (iv) a hospitality and commercial real estate business (m²); (v) a property and casualty insurance business (Aldagi) and (vi) a beverages business (Georgia Beverages). In addition Georgia Capital has two public company holdings (London Stock Exchange premium-listed Georgian companies): (i) Georgia Healthcare Group PLC ("GHG"), (57% equity stake), a UK incorporated holding company of the largest healthcare services provider in Georgia, which is also the largest pharmaceuticals retailer and wholesaler in the country; and (ii) Bank of Georgia Group PLC ("BoG"), (19.9% equity stake), a leading universal bank in Georgia. Additionally, Georgia Capital has three businesses in the pipeline: Education, Auto Service and Digital Services.

JSC Georgia Capital has, as of the date hereof, the following credit ratings:
S&P Global	'B+'/FC & 'B+'/LC
Moody's	B2/CFR & B2/PDR

 For further information, please visit www.georgiacapital.ge or contact: 

Irakli Gilauri	Giorgi Alpaidze	Nino Rekhviashvili
Chairman and Chief Executive	Chief Financial Officer	Head of Investor Relations
[e-mail]	[phone]	+ 995 322 005 045
	[e-mail]	[e-mail]

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

 

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