09.Apr .2021 13:00

Georgia Capital plans to sell Teliani Valley, GreenWay, beer and hotel businesses

Georgia Capital plans to sell Teliani Valley, GreenWay, beer and hotel businesses
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Investment company "Georgia Capital" has decided to sell part of its businesses in stages. This became clear from the company's annual report.

According to the document, hospitality and real estate businesses, Georgian Beverage Holding (Teliani Valley and the beer producer), GreenWay (technical inspection chain) and other companies are for sale. Accordingly, "Georgian Capital" plans to sell Ramada and "Gudauri Lodge" hotels as well.

As of the presentation, "Georgia Capital" plans to withdraw from these businesses within the next 2-3 years.

As stated in the financial report, "Georgian Capital" merged the businesses for sale in "Other Portfolio".

According to the document, the total income of this segment increased by 14.5% in 2020 and amounted to 321 million GEL. The total assets of the segment stand at 215 million GEL.

According to the document, the turnover of these segments increased in 2020, as follows:

● Real estate sales amounted to 69,000 square meters and increased by 153% compared to 2019;
● Wine sales amounted to 7.2 million bottles and increased by 19.4% compared to 2019;
● Beer sales amounted to 272,567 hectoliter and increased by 8.5% compared to 2019;
● Greenway Tech Inspection Service served 252 thousand vehicles in 2020 and a decrease of 26% was observed compared to 2019;

According to Georgian Capital, most of these businesses grew in 2020. However, the investors' presentation says that these businesses have little potential to reach the value of half a billion GEL.