Shareholders of Stock Exchange still cannot agree on capital increase by 1,2 million GEL.
However, the compact plan, submitted by the director of the Stock at Tuesday’s meeting, has not turned out sufficient argument for the part of shareholders (42%) to give a support, like a year ago when emission of 4 million has been offered. The management’s current initiative envisaged increase of allowed shares from 3 million to 6 million. The divided shareholders (58%/42%) blame each other for the stagnating situation of the stock exchange.
To note, 58% shareholders consider that 42% shareholders hinder market development. While, 42% regards, that merely desire without business plan and procedural scheme cannot serve to the development.
Major shareholders claim that the minority does not cooperate with them, whereas 42% declare that they make a step forward but “no one meets them”. 58% is sure in reform success, while 42% considers that the new management’s 1 year activity does not give good basis for the forecast and correspondingly, sum issue for increase the capital is unacceptable.
Minority declares, that the aim (Central Depository Software) justifies the means, but depository’s (subsidiary of NBG) capital increase is more optimal and simple, but the focus is made on the filling of Stock Exchange capital. Mutual accusations are not finished.
8% of the Stock Exchange’s shares is owned by “TBC Bank”, “Cartu Bank” and “Basis Bank”. 46% is owned by group of Bank of Georgia, 2% – “Liberty Bank”. 2% – ABBEY Asset Management”, 10% – Grigol Loladze (“Caucasus Capital Group”).
The shareholders cannot agree on reinvestment of the profit, financial reporting data is debatable. According to 58% shareholders, 2015 has been profitable and the profit amounted to 23 000 GEL, whereas 42% ensures that loss has been fixed and it is balanced by the deferred tax asset of 40 000 GEL.