WARSAW STOCK EXCHANGE TOUTS GEORGIAN COMPANIES
04 July, 2013
WARSAW STOCK EXCHANGE TOUTS GEORGIAN COMPANIES
A conference on the allocation of Initial Public Offering (IPO) at Warsaw stock exchange was held in Tbilisi on June 27, 2013 to encourage Georgian companies to be listed there. However, attendance of interested Georgian companies was low. The reason is lack of information and proper skills of Georgian business which shuns even local stock exchange.
Around ten companies out of 50 participants attending the IPO conference of Warsaw Stock Exchange (WSE) showed interest to get listed at WSE. TBC
Bank, one of the leading Georgian banks and general sponsor of the event is number first that does not hide its interest toward WSE lately. Names of other companies are not disclosed at the moment. Georgian sector pundits believe the low turnout of Georgian companies is a result of unawareness among Georgian business that cannot have the grip what benefits are available through listing at the said stock exchange. The interest is expected to increase gradually as the awareness level will increase. On the other hand, Giorgi Loladze, Head of Georgian Stock Exchange (GSE), believes Georgian companies should be enlisted at GSE first and only after hit foreign stock markets that will give an impetus to GSE development that will have a positive impact at boosting the entire economy of the county ultimately for no economy world over has ever been developed without back-up of the local stock exchanges.
“Warsaw stock exchange is very important but listing at local stock exchange is of paramount importance. Registration procedures at GSE are very simple and take no time and money of companies so they will only gain of listing at GSE and create an interest and money attraction opportunities here, in Georgia,” Loladze said in the interview to Georgian Journal. However the practice of recent years show Georgian companies prefer to be listed at foreign exchanges rather than at local ones. The excuse is that there is no money and consequently no demand at Georgian market. For example when Georgian government decided to sell certain shares of the state owned Georgian Railway past year it intended to put it at London Stock Exchange (LSE) bypassing GSE.
“This is a false reason,” Loladze assures. “Money does exist in Georgia. There is GEL 8.5 billion on banking deposits and this is potential demand in fact. If only 10% of this money had been allocated at GSE this would have revived local market significantly. We greet that Georgian companies will be listed at foreign stock exchanges but we find necessary to enable local investors to participate in trade of these company shares too, this is very important.”
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