The share of Georgian Stock Exchange in Tbilisi Stock Exchange has decreased
The share of Georgian Stock Exchange in Tbilisi Stock Exchange has decreased and the share of broker companies has increased.
By the end of the last year, Tbilisi Stock Exchange issued 183,879 regular stocks, which were purchased by Galt and Taggart, Ltd., TBC Capital, Ltd. and GSF Holding Georgia, Ltd. The compensation made 2,455,025 GEL, after which the shares were distributed as follows:
JSC Tbilisi Stock Exchange – 35,22%
Galt and Taggart, Ltd. – 21,59%
TBC Capital, Ltd. – 21,59%
GSF Holding Georgia, Ltd. – 21,59%
Despite the fact that the share of Georgian Stock Exchange in NSE has reduced to 35,22%, it still retains the control over TSE.
In addition, by the end of the year, Tbilisi Stock Exchange purchased 304,499 regular stocks of Georgian Central Securities Depository. With this investment, Tbilisi Stock Exchange has become the holder of 75.06% share of Georgian Central Securities Depository. Thus, JSC Georgian Stock Exchange controls 51.09% (of which 26,44% indirectly through JSC Tbilisi Stock Exchange) of JSC Georgian Central Securities Depository.
Tbilisi Stock Exchange was founded on May, 7, 2015. Minority shareholders of the company, holding 38% of the stock of the company, have appealed to the court against the decision of founding the TSE, while the leadership of the company insists that TSE was founded in full compliance with current legislation and the charter.