February 28, 2012 / 12:15 PM / in 6 years

UPDATE 1-Bank of Georgia gains premium listing on LSE

* Bank says 35.9 mln shares start trading on LSE

* CEO says shareholders to have greater transparency, growth

TBILISI, Feb 28 (Reuters) - JSC Bank of Georgia , Georgia’s biggest bank by assets, said on Tuesday it had successfully completed its premium listing on the London Stock Exchange (LSE) allowing 36 million of its shares to start trading.

“We offer investors an opportunity to diversify their holdings and benefit from an emerging market with a proven record of sustainable growth,” Chief Executive Irakly Gilauri told Reuters by telephone from London.

Bank of Georgia said in September that it was seeking a premium listing on the LSE and wanted to incorporate a new holding company in Britain in order to attract investors.

The new company made a formal tender offer to existing investors last year, with ING Bank N.V advising it on the deal.

“Bank of Georgia’s premium listing on the LSE provides investors with a unique financial growth stock on the cusp of FTSE 250 inclusion,” Oriel Securities said last week.

“The shares, which we estimate are 75 percent undervalued, offer a powerful combination of growth, profitability and balance sheet strength.”

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