Bank of Georgia GDRs Down by 8%

Last week Bank of Georgia’s (BOG) global depositary receipts (GDRs) fell by 8% on the London Stock Exchange to USD 31.7, according to the Galt & Taggart Capital, the merchant banking arm of the BOG.

A total of 62,800 GDRs were traded on the LSE last week, it said on November 24. BOG has been listed on the LSE in the form of global depositary receipts (GDR) since November 2006.

BOG’s global depositary receipts started falling after the chairman of the Supervisory Board of the bank, Lado Gurgenidze, was named as the country’s designated Prime Minister on November 16. His nomination was approved by Parliament on November 22.

Meanwhile, BOG said that Nicholas Enukidze, the current vice chairman of the Supervisory Board, would act as the chairman on an interim basis.

“The Bank intends to convene an extraordinary meeting of its shareholders to elect a new member of the Supervisory Board of the Bank to replace Mr. Gurgenidze,” BOG said in a press release.