Georgia, Tbilisi, Feb. 27 / Trend N. Kirtzkhalia /
The Bank of Georgia's stocks continue dropping at Georgia's stock exchange.
Deals were concluded only on the Bank of Georgia's stocks in the trade system, the experts of the Georgian Investment Group (GIG) said.
Presently, the Bank of Georgia's stock costs four lari, accordingly, price dropped from maximal index of 16.75 times - to the index of 2004. The stock cost 67 lari reaching its maximal index in July 2007.
The situation is stable in the trade system of Georgia's stock exchange. The auctions are not held, the experts of the GIG said. Deals were concluded only on the Bank of Georgia's stocks and for small amount. The entire market is practically concentrated on off-exchange market, paper "fixing".
The situation is aggravated by the new law on taxation coming into effect from 2009. The law completely discourages from concluding deals in the trade system and reduces to zero any activity on stock market. Totally, introduction of any changes to the liberal package of laws is insensibly.
Stocks of nine companies were delivered via fixation (off-exchange auctions) for the last week. Approximately 12 operations were held on these stocks (pawning, exchange, purchase-sale, tender, etc.).
Turnover on actions in the amount of 317,396,396 totaled 2,661,694 lari.
Two auctions on stocks of the Peoples Bank of Georgia JSC in the amount of 317,336,300 were concluded. Part of them was sold at 0.008 lari, the other part at 0.01 lari per stock. So, next anti record was held on bank stocks as they were sold at the price below nominal value.
Given that the package of stocks totals 20.185 percent of total capital, it is clear that the last big shareholder of the bank sold the stocks. The new owner concentrates absolute majority of stocks.
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