BGEO Group PLC said it has sold a 0.7% stake in Georgia Healthcare Group PLC for a total of USD3.7 million.
BGEO sold 833,160 shares in Georgia Healthcare on Friday at a price of 360 pence per share, equivalent to USD4.45. The shares were sold to JSC ABC Pharmacia, a chain of pharmacies purchased by Georgia Healthcare in January, and are subject to a three-year lock up period.
Following the sale, BGEO continues to hold a 64.3% stake in Georgia Healthcare. Georgia Healthcare was spun out of BGEO, formerly Bank of Georgia Holdings PLC, in 2015, as Bank of Georgia looked to focus on its banking and other financial subsidiaries.