25th Apr 2014 08:49
LONDON (Alliance News) - Bank of Georgia Holdings PLC Friday said its insurance and healthcare subsidiary has completed a buy-out of a 49% minority shareholder of healthcare subsidiary My Family Clinic.
In a statement, Bank of Georgia Holdings said JSC Insurance Company Aldagi, which has held a 51% controlling interest in My Family Clinic since December 2011, completed the buyout.
The deal means Aldagi's healthcare business now consists of My Family Clinic and Unimed.
"The acquisition of the remaining stake in MFC will allow us to proceed with the integration of MFC and Unimed, extracting synergies and further strengthening Aldagi's position in the Georgian healthcare market," Aldagi Chief Executive Murtaz Kikoria said in a statement.
"The buy-out of a 49% minority shareholder of MFC gives us flexibility in executing our growth strategy and an opportunity to expand our regional footprint through investments into development projects via MFC", Kikoria added.
Bank of Georgia Holdings shares were Friday quoted at 2,580.00 pence, down 0.2%.
By Samuel Agini; [email protected]; @samuelagini
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