Home
Category
TV Live Menu

• ახალი ამბები ბიზნესში •

Loading data...

Mamuka Khazaradze and Badri Japaridze have sold 1.81% of TBC shares

5d19dcef702bc
BM.GE
01.07.19 14:02
1548
TBC Bank Group PLC has announced that the Chairman and Deputy Chairman of the board - Mamuka Khazaradze and Badri Japaridze have sold 1.81% of TBC shares to Cyprus based financial organization Renaissance Securities. As a result, TBC founders have raised $20 million USD. This transaction is part of repurchasing agreement, Khazaradze and Japaridze are planning to sell 8% of TBC shares and repurchase them in future on a specified date. 

"Following its announcement on 26 June 2019, TBC Bank Group PLC ("TBC") confirms that it has been informed that the Chairman and Deputy Chairman have, through GRDC Management Company 06 Limited - an SPV controlled by them, entered into a repurchase transaction with Renaissance Securities (Cyprus) Limited in respect of 993,050 TBC ordinary shares, representing approximately 1.81% of the total share capital of TBC.

Pursuant to the terms of the repurchase transaction, GRDC Management Company 06 Limited (having previously received the relevant shares from the Chairman and Deputy Chairman under a securities lending transaction) will sell the relevant shares to Renaissance Securities (Cyprus) Limited simultaneously and agreeing to repurchase such shares on 28 June 2021, as a form of borrowing secured on their shares of TBC Bank Group Plc. 

Following settlement of the repurchase transaction, which is subject to conditions precedent to closing, the Chairman and Deputy Chairman will continue to hold 6,526,130 and 3,494,634 shares, respectively, representing 11.89% and 6.37% of the share capital of TBC. The repurchase transaction will not impact their position as Chairman and Deputy Chairman of TBC Bank Group Plc."

Currently, the market capitalization of TBC is over £879 million pounds, Khazaradze and Japaridze own 20% of total shares.