China Joins Georgian, Azerbaijan, Kazakh Railways Joint Venture

Lion Finance Group (BGEO LN) shares closed at GBP 83.30/share (+5.04% w/w and +10.77% m/m). More than 227k shares traded in the range of GBP 76.65 - 84.45/share. Average daily traded volume was 44k in the last 4 weeks. The volume of BGEO shares traded was at 0.52% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 37.60/share (unchanged w/w and -11.01% m/m). More than 418k shares changed hands in the range of GBP 36.15 - 37.95/share. Average daily traded volume was 133k in the last 4 weeks. The volume of TBCG shares traded was at 0.75% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 26.10/share (+4.19% w/w and +7.85% m/m). More than 190k shares traded in the range of GBP 24.40 - 26.15/share. Average daily traded volume was 36k in the last 4 weeks. The volume of CGEO shares traded was at 0.54% of its capitalization. 

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The annual rate of the loan unsubordinated bonds is TIBR 1D + 2.80-3.20% All overnight TIBR rates recorded during the calculation period will be sorted in ascending order Then the lowest and highest 10% indicators will be cut off The remaining data will be used to calculate the arithmetic mean The above-mentioned spread of 2.80-3.20% will be added to the obtained value Microfinance Organization (MFO) activities Pawnshop loans Remittances Conversions Promissory notes Out of the 200 million raised, 130 million MFO will be needed to refinance the previous issue and will be repaid ahead of schedule (the maturity date is 17.03/2026). The remaining is for credit resources. The combination of refinancing and targeted portfolio growth simultaneously serves both Rico's short-term financial objectives and long-term goals.MFO Rico is the largest in the market, with a credit portfolio of 798 million GEL and assets of up to 940 million GEL. With more than 1.5 million clients and more than 70 branches (as of 9M2025).

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The change was mainly due to a 24.2 percent decrease in the unit value of nonperennial crops, which contributed -6.1 percentage points to the total index change. Compared to the corresponding quarter of the previous year, the Unit Value Index of Agricultural Products increased by 11.3 percent.The latter was largely caused by the 9.3 percent increase in the unit value of live animals and animal products, which contributed 5.19 percentage points to the total index change. In the same period, the unit value of perennial crops went up by 9.4 percent, and by 23.2 percent for non-perennial crops, with the relevant contribution of 2.13 and 3.98 percentage points to the total index change, respectively.

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Return on Equity (ROE) stood at 27.8%.The group’s loan portfolio reached GEL 37.93 billion as of September 30, 2025 (up 21.7% year-on-year in constant currency). The growth was driven by strong loan growth in both its Georgia (GFS) and Armenia (AFS) operations, the group said.For the same period, Bank of Georgia's digital MAU (monthly active users) in the retail segment amounted to 1.7 million people (up 14.7% y-o-y), while Ameriabank's - 305 thousand people (up 62.7% y-o-y).As a reminder, the Board of Directors declared an interim dividend of GEL 2.65 per ordinary share for the quarter ended September 30, 2025, and at the same time approved an increase in the share buyback and cancellation program by GEL 51.5 million.

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According to Papuashvili, several legislative initiatives have been developed in consultation with the government, which will be tabled at today’s session of the Parliamentary Bureau. The Parliament plans to adopt these amendments by the end of the year.“I would remind the public that in November 2006, under the United National Movement government, unconstitutional elections were held in the Tskhinvali region, resulting in the proclamation of a so-called president of South Ossetia and the formation of a so-called alternative South Ossetian government. Through this action, the government of the day granted indirect legitimacy to separatist processes, an egregious and grave betrayal of Georgia’s state interests.Several months later, a Temporary Administrative-Territorial Unit Administration was established in June 2007, once again in breach of the Constitution, based on the very same unconstitutional ‘alternative government’. This decision artificially restored the administrative boundaries of the South Ossetian Autonomous Region, which had been abolished in 1990. This move later became one of the key factors enabling the 2008 Russian military aggression and the occupation of Georgia’s historic region of Samachablo.From today’s perspective, it is evident that these decisions were part of an external power’s geopolitical manoeuvre, with Georgia cast as a sacrificial pawn. The policies implemented under Saakashvili’s leadership provoked an escalation in the region and ultimately drove the country towards war.Against this backdrop, members of Georgia’s Parliament have assessed this decision as gross treachery against Georgia’s national interests, a view reflected in the constitutional lawsuit demanding that the United National Movement be declared unconstitutional. It must be emphasised that at a time when Georgia has spent years working to strengthen its policy of non-recognition, the United National Movement regime’s use of the term ‘South Ossetia’, even indirectly, was from the outset a betrayal of the Constitution and national interests. No ‘South Ossetia’ exists within Georgian legal or political space whatsoever.Accordingly, following consultations with the government, we have decided to abolish the administration of the administrative-territorial unit established on the territory of the former South Ossetian Autonomous Region.I should emphasise that the municipalities of Akhalgori, Kurta, Tighvi, and Eredvi will remain operational. These were elected in 2006 in full accordance with the Constitution. They represent the only legitimately elected and functioning government in the Tskhinvali region and thus constitute the sole lawful continuation of Georgia’s legal and constitutional framework,” declared Papuashvili.

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“This is utterly absurd. It is unthinkable that a real estate project is being developed within our country and that local residents would be excluded from buying there. Naturally, the target audience of these projects is and will continue to be Georgian citizens,” Irakli Nadareishvili affirmed.According to the Deputy Minister, the pricing of real estate within the Eagle Hills developments will reflect the current economic situation in Georgia.“This will be evident in the pricing strategy, as it is simply impossible for the prices to fall outside the commercial parameters, which include construction costs and related factors in Georgia. Moreover, we are familiar with Eagle Hills projects in various countries, and therefore, such risks are unthinkable,” Nadareishvili added.The Deputy Minister further explained that the company’s sales office is situated in a prime location in Tbilisi, on Rustaveli Avenue, where Georgian citizens will have access to purchase property. An active marketing campaign and pre-sales phase are set to commence shortly.“The myth that there is a special pricing policy for certain groups will be dispelled very soon. There have been rumours suggesting that contracts include clauses based on nationality or quotas. This is completely unthinkable. It’s frankly laughable,” Nadareishvili concluded. 

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During a recent briefing in Parliament, Papuashvili explained that the functions of the Anti-Corruption Bureau will be entirely transferred to the State Audit Office of Georgia (SAO).“The second key aspect involves reviewing and consolidating institutional models that have existed for years, often in a fragmented or externally imposed form. We aim to strengthen the constitutional framework of the governance system and optimise the utilisation of state resources.Tackling corruption remains one of the government’s top priorities. Significant steps have been taken in this direction recently. The process involves the Department of Government Administration Efficiency, the State Audit Office, the Anti-Corruption Agency of the State Security Service, and the Prosecutor’s Office.Currently, the Anti-Corruption Bureau primarily handles the collection and monitoring of declarations from officials, political parties, and non-governmental organisations. Following consultations with the government, it was agreed that this function would be better suited to the State Audit Office, an independent, higher constitutional institution operating within the framework of public governance.In line with this initiative, it has been announced that the Anti-Corruption Bureau will be abolished from March 2, 2026, with its responsibilities fully transferred to the State Audit Office,” stated Shalva Papuashvili.

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According to G&T research, the highest growth of +11.6%Y.Y comes from branded chains (non-branded growth +7.5%Y.Y).The profitability of branded chains is mainly due to regional expansion and sales growth of existing stores. The average revenue of 1 store in Tbilisi is 2 million GEL, in the region it is 1.6 million GEL."Daily Group" maintains its leadership in the FMCG market. Recall that in 11/2024, the group was consolidated by merging "Foodmart" (with the brands Spar, Ioli and Kalata), "Daily", "Gvirila Retail" and "Retail Group" (Magniti) into one holding company.

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