Georgia Healthcare Group PLC GHG signs loan agreement with IFC (5203J)

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RNS Number : 5203J

Georgia Healthcare Group PLC

12 September 2016

London, 12 August 2016

Georgia Healthcare Group signs US$ 25 million 8-year loan agreement with IFC

Georgia Healthcare Group PLC (the "Group" or "GHG") announces that its healthcare services business subsidiary, the leading private healthcare service provider in Georgia, and International Finance Corporation ("IFC"), a member of the World Bank Group, have signed a US$ 25 million loan agreement, with a maturity of eight-years.

This new loan facility will enable GHG to continue to finance its healthcare services business development programme, which includes the development of new hospitals as well as additional healthcare services, throughout the country.

"I am very pleased to announce the successful completion of another important long-term funding transaction and to start our co-operation with IFC, supporting the sustainable development of the Georgian healthcare sector. After the recent deleveraging of our balance sheet, following our successful IPO last year, new funding from Development Financial Institutions helps us to build a longer-term, less expensive funding profile. It helps us to renovate hospitals and develop new services, contributing to the successful implementation of our strategy." commented Nikoloz Gamkrelidze, CEO of Georgia Healthcare Group.

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 six ambulatory clusters (consisting of nine district ambulatory clinics and 28 express ambulatory clinics), as at 30 June 2016. GHG is the single largest market participant, accounting for 25.1% of total hospital bed capacity in the country, as of 30 June 2016. GHG is the third largest pharmaceuticals retailer and wholesaler in Georgia, approximately 15% market share by revenue, as of 31 December 2015. GHG is also the largest provider of medical insurance in Georgia with a 34% market share based on net insurance premiums earned and approximately 203,000 insurance customers as at 30 June 2016. GHG employed a total of c.11,900 people as at 30 June 2016, including 2,954 physicians and 712 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 
      [phone]                    [phone]                       [phone] 
       (5077)                             (4810)                                205 
      [e-mail]            [e-mail]            [e-mail] 
 

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

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September 12, 2016 02:01 ET (06:01 GMT)