BGEO's Georgia Capital considering Eurobond issuance

BGEO Group, formerly Bank of Georgia, said on Thursday that its investment business holding company, Georgia Capital, has mandated a number of investment banks to consider the potential issuance of a Eurobond.

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The company said there can be no certainty that a transaction will take place and a further announcement will be made in due course if appropriate.

Chief executive officer Irakli Gilauri said: "The board of BGEO announced earlier this week that it had approved the implementation of the proposed demerger of BGEO Group into two separately London-listed businesses: Bank of Georgia PLC and Georgia Capital PLC.

"Following this announcement, Georgia Capital is considering the best ways to optimise its balance sheet flexibility and capital structure ahead of the demerger and will explore the option of issuing a US dollar denominated Eurobond."

At 0910 GMT, the shares were up 1.7% to 3,428p.