BAKU, Azerbaijan, Dec.19
By Tamilla Mammadova – Trend:
Kakhetian Traditional Winery (KTW), one of the largest wine and spirits producers in Georgia, has decided to place $10 million in bonds on the Georgian Stock Exchange, Trend reports via Georgian media.
The new security will have a maturity of 2 years and will be redeemed by KTW in December 2022. The par value of one bond will be $1,000.
It follows from the prospectus that KTW plans to refinance loans from the Bank of Georgia by issuing these securities (3 loans totaling $9.8 million).
KTW's income in the first half of 2020 amounted to 51.2 million lari ($15.6 million), which is 4.8 million lari ($1.4 million) more than in the same period of 2019.
Despite the increase in revenues, the company's total expenses increased, as a result of which the net profit decreased to 0.5 million lari ($152,692). Net profit in the first half of 2019 amounted to 7.4 million lari ($2.2 million).
According to the prospectus, this year the company has raised new loans for $14.3 million and $25 million. For its part, KTW spent most of its lari loans on brandy and grapes.
Currently, the assets of KTW are 294 million lari ($89.7 million).
---
Follow the author on Twitter: @Mila61979356