Update on mandatory vehicle inspection business

RNS Number : 7172R

Georgia Capital PLC

04 March 2019

 

                London, 4 March 2019

Update on mandatory vehicle inspection business

Georgia Capital PLC (the Group or Georgia Capital), announces that the Group has now fully launched all 51 periodic technical inspection lines as announced on 9 July 2018. The inspection centers are fully licensed and spread across the country. We expect to report the business separately within Georgia Capital's earnings releases starting from 1H19.

Irakli Gilauri, Georgia Capital Chairman and CEO commented: "I am pleased that our strong management team has successfully completed the launch of the mandatory vehicle inspection business in a very short period of time. In the first year of operations we aim to serve between 250,000 to 300,000 vehicles, while targeting 400,000 to 450,000 vehicles annually from 2020."

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

About Georgia Capital PLC

Georgia Capital is the holding company of a diversified group focused on investing in 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 opening of the Georgian economy to Europe and economic development in the wider region. 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 four key portfolio companies: (i) GGU, a water utility and renewable energy business; (ii) m², a residential and commercial property developer; (iii) Aldagi, the foremost provider of property and casualty insurance products in Georgia; and (iv) Teliani, a leading wine and beer producer in Georgia.

In addition to its portfolio companies, the Group holds investments in two London Stock Exchange premium-listed Georgian businesses: GHG, (57% stake), the parent company of the largest and diversified healthcare provider in Georgia, which operates in the healthcare services, pharmacy and medical insurance sectors; and Bank of Georgia Group PLC, (19.9% stake), a leading universal bank in Georgia.

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
	[phone]	[phone] (9072)
	[e-mail] [e-mail]	[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

 

END

 

 

UPDKMGGFVDNGLZG