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Georgia postpones LSE listing for state railways

by | May 24, 2012

TBILISI, DFWatch – Georgia once again has postponed placing shares of the state-owned Georgian Railway on London Stock Exchange.

The debut should have been on May 24, but the government has again decided to postpone it.

Georgian Prime Minister Nika Gilauri said that it is being postponed until the international market is stable.

Gilauri said there is a difficult situation in the international market, so the 25 percent of Georgian Railway that was to be floated will not be placed on London Stock Exchange yet.

He said the government has had consultations with bank experts and investors.

“Unfortunately, the international market has worsened, so that they do not advise to do this yet, and accordingly we rescheduled the process.”

He noted that several weeks ago, the situation was really good, but now there is a difficult situation again, caused by the problems that Greece and Spain are experiencing.

The Georgian government was planning to place shares of certain state companies on the international stock market last year, but stopped the process, naming as reason that there was a bad situation in the market.

Currently, two Georgian companies are listed on LSE: Bank of Georgia and Georgian Oil and Gas Company. Georgia does not have a stock exchange, and ownership domestically is obscure.



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