BAKU, Azerbaijan, May 7
By Tamilla Mammadova – Trend:
JSC Georgian State Electrosystem (GSE) plans to issue bonds in the amount of 200 million lari ($58.2 million) by the end of this year, Trend reports referring to the Georgian media.
In preparation for the bond issue, the Georgian State Electrosystem also announced a tender to select a financial consultant, which was won by the Georgian investment bank, Galt & Taggart.
Otar Sharikadze, Managing Director of Galt & Taggart, explained that the credit rating of the State Electricity System must be determined before the securities are issued. At the same time, according to Sharikadze, the issue of bonds is being considered on the local market.
“At this stage, we are talking about the placement of securities on the local market. The tender we won serves to prepare the company for a potential local or international bond issue. The tender was held in accordance with the requirements of the World Bank," Sharikadze explained.
JSC Georgian State Electrosystem is an electricity transmission system operator acting in Georgia. In this status, GSE provides the overall coordination of the country's electricity system and balancing of electricity supply and demand The size of the assets of the GSE is 1.17 billion lari ($340.8 million).
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