First Georgian non-financial sector company listed on the London Stock Exchange
Georgia Healthcare Group (“GHG”), a healthcare subsidiary of Bank of Georgia Holdings PLC, announced the successful pricing of its Initial Public Offering on November 9, 2015. The transaction is a significant milestone for the country as GHG is the first non-financial sector Georgian company to be listed on the London Stock Exchange. The offering price was set at 170 pence per share. Based on the offering price, GHG’s total market capitalization at the commencement of conditional dealings on November 9th was £ 218mn. The offering comprised 38,681,820 shares, equating to an offering size of approximately £ 66mn, representing approximately 29% of GHG’s share capital on admission. Admission and the commencement of unconditional dealings under the ticker “GHG LN” took place at 8.00 a.m. on November 12, 2015. JSC Galt & Taggart acted as a co-lead manager for the IPO.
Producer price index up 1.4% m/m and up 8.3% y/y in October 2015
PPI for industrial goods increased 1.4% m/m in October 2015, according to GeoStat. A 10.3% increase in prices for supply of electricity, gas, and water contributed the most to the overall index change. Prices were down for manufacturing (-0.2% m/m) and for basic and fabricated metals (-4.0% m/m).
Annual PPI increased 8.3% in October 2015, with manufacturing prices increasing 7.8% y/y (mostly for food, beverages and tobacco, and paper and publishing), contributing +6.37ppts to the overall index change. Prices were up 13.0% y/y in the electricity, gas and water supply category, contributing +1.90ppts to the overall index change.
Money transfers down 27.4% y/y in October 2015 and down 26.8% y/y in 10M15
Money transfers decreased 27.4% y/y to US$ 89.9mn in October 2015, according to NBG. The 42.2% y/y decline from Russia (40.0% of total) and 50.1% y/y drop from Greece (8.8% of total) were the major contributors to the decline in total money transfers. As in previous months, remittances posted strong growth from USA +20.6% y/y (9.7% of total), Israel +43.1% y/y (3.4% of total), and Germany +12.2% y/y (2.8% of total), while transfers from Turkey decreased 13.2% y/y (5.6% of total). In 10M15, money transfers decreased 26.8% y/y to US$ 892.8mn.