Bank of Georgia informs, that Bank Austria Creditanstalt, which was the owner of 3.35 million common stocks of Bank of Georgia (13.86% of bank emission), totally converted its share in Global Depositary Receipts (GDR).
As Georgian bank notes, "As a result of this transaction, 66.2% of Bank of Georgia common shares outstanding have now been converted into GDRs".
GDRs of Bank of Georgia, being managed by Bank of New York, are admitted on London Stock Exchange since the end of 2006. Price per GDR ranges between $15 and $17.50.
According to the first quarter figures, 48.85% of Bank of Georgia shares was in Bank of New York management (i.e. converted in GDRs). Firebird Avrora Fund owned 5.8%, Firebird Republics Fund - 5.67%, East Capital Financial Institutions - 5.41%, Firebird Global Master Fund - 2.65%, Koncentra Limited - 1.75%, Bryum Limited - 1.57%, Galt&Taggart Securities - 1.36% and Lado Gurgenidze (the chairman of bank supervision board) - 1.66%.
