TBILISI, DFWatch – Georgia has obtained a listing on London Stock Exchange for obligations in Georgian Oil and Gas Corporation.
Securities valued USD 250 million were placed on one of the world’s most famous stock exchanges on May 9.
According to Kommersant, the lowest rates were observed on bonds, because requests on securities only four times exceeded originally made application.
Earlier this year, Bank of Georgia achieved a listing on London Stock Exchange, and there is a discussion to also list state owned companies. One candidate is the state electric system; a second one is Georgian Railway.
The government was planning to place several large state owned enterprises on London Stock Exchange last year, however the plan was put on hold. The reason given was that ‘last year, the stock markets were in a very bad condition.’
Nika Gilauri, Georgia’s Prime Minister now says that the government has returned to its original intention and that the implementation of this plan will start in near future.
“In the near future, we will review the opportunity to issue Euro Bonds on London Stock Exchange for a minority share in the railway, the gas corporation and other large state companies,” he said on April 12, and added that there is only a question of selling a minority share in those companies.
“We don’t want to transfer management of those companies to anyone. On the contrary, management will remain with the state and a majority of shares will remain in state ownership.”
Leave A Comment
You must be logged in to post a comment.