Bank of Georgia subsidiary completes buy-out of healthcare business

25th Apr 2014 07:46

Bank of Georgia Holdings on Friday said its insurance and healthcare subsidiary, Aldagi, has completed the buy-out of a 49 per cent minority shareholder of its healthcare unit, My Family Clinic (MFC). Aldagi, which has held a 51% controlling interest in MFC since December 2011, now consists of MFC, which has 749 hospital beds in Georgia, and wholly-owned subsidiary Unimed, which has 1,158 hospital beds in Georgia, both of which are leading healthcare providers in the country. "I am pleased to announce this buy-out," Murtaz Kikoria, Aldagi's Chief Executive said. "The acquisition of the remaining stake in MFC will allow us to proceed with the integration of MFC and Unimed, extracting synergies and further strengthening Aldagi's position in the Georgian healthcare market." "The buy-out of a 49% minority shareholder of MFC gives us flexibility in executing our growth strategy and an opportunity to expand our regional footprint through investments into development projects via MFC." NR