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ABC former shareholders purchase GHG shares

20 Mar 2017 07:00

RNS Number : 9041Z
Georgia Healthcare Group PLC
20 March 2017
 

  London, 20 March 2017

 

 

 

 

 

 

GHG announces the purchase of shares from BGEO by the former shareholders of ABC

 

 

Georgia Healthcare Group PLC ("GHG") announces that two members of the senior management of GHG's pharma business, Mr. Enriko Beridze and Mr. Mikheil Abramidze, who were the principal shareholders of JSC ABC Pharmacia ("ABC") prior to its acquisition by GHG, together with a former minority shareholder of ABC (together the "former shareholders of ABC") have completed the purchase of 833,160 GHG shares (representing approximately 0.7% of GHG's issued share capital) from BGEO Investments (65% shareholder of GHG) on 17 March 2017. Given the volume of the shares involved, a private sale on an arms-length and commercial basis was selected as the most appropriate form for the transaction by both parties.

This purchase is in line with the terms of Sale and Purchase Agreement ("SPA") between ABC and GHG, which requires the former shareholders of ABC to use 33% of the cash consideration they receive from GHG (total of US$25 million, payable in six tranches) to purchase GHG PLC's shares. The price of GHG shares purchased by the former shareholders of ABC from BGEO Investments was GBP 3.60 (USD 4.45), being the closing price per share on the London Stock Exchange the day before the transaction. After the sale, BGEO Investments continues to own 64.3% of GHG.

 

 

Name of authorised official of issuer responsible for making notification:

Ekaterina Shavgulidze, Head of Investor Relations

 

 

About Georgia Healthcare Group PLC

Georgia Healthcare Group PLC is a UK incorporated holding company of the largest healthcare services provider in the fast-growing, predominantly privately-owned, Georgian healthcare services market. GHG's leadership position is underpinned by offering the most comprehensive range of inpatient and outpatient services targeting the mass market segment through its vertically integrated network of 35 hospitals and ten ambulatory clusters (consisting of 13 district ambulatory clinics and 28 express ambulatory clinics), as at 31 December 2016. GHG is the single largest market participant, accounting for 23.4% of total hospital bed capacity in the country, as of 31 December 2016. From January 2017, GHG become the largest pharmaceuticals retailer and wholesaler in Georgia, with approximately 29% market share based on 31 December 2015 revenue figures. GHG is also the largest provider of medical insurance in Georgia with a 35.1% market share based on net insurance premiums earned and approximately 211,000 insurance customers as at 31 December 2016. GHG employed a total of c.12,800 people as at 31 December 2016, including c.3,200 physicians and c.720 pharmacists.

 

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

Nikoloz Gamkrelidze

David Vakhtangishvili

Ekaterina (Eka) Shavgulidze

CEO

CFO

Head of Investor Relations

+995 322 550505 (5077)

+995 322 550505 (4810)

+995 322 444 205

ngamkrelidze@ghg.com.ge

dvakhtangishvili@ghg.com.ge

ir@ghg.com.ge

 

 

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
 
END
 
 
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