|
|
MoF NSCG GSE |
· 1 year |
· With the technical assistance of the WB. |
||
|
· Assign an adequate Inspection, Investigation and Enforcement power, including the criminal prosecution authority to the National Securities Commission of Georgia (NSCG); · Increase the budgetary support of the NSCG; · Make the NSCG accountable to the President of Georgia; · Develop the code of ethics for NSCG; · Develop the program to supervise Self‑Regulatory Organizations (SROs); · NSCG installs the market surveillance and stock watch system. |
· Power of the NSCG is increased (Objective 40); · Budgetary support of the NSCG is increased (Objective 37); · Accountability of the NSCG is increased (Objective 36); · Code of ethics for the NSCG staff is developed (Objective 38); · Program to supervise Self‑ Regulatory Organizations (SROs) is developed (Objective 39); · The NSCG does function in an effective manner (Objective 39); · Regulations are enforced in an effective manner (Objective 42); · Trading transparency is enforced (Objective 43); · Unfair trading is deterred (Objective 44); · Fairness of Market is ensured (Objective 45). |
· NSCG has the criminal prosecution authority; · Budget allocations to NSCG is increased; · Rules are in place that make the NSCG accountable to the President of Georgia; · The code of ethics for NSCG is in place; · The program to supervise SROs is in place; · Trades are conducted in a transparent manner/information is easily available; · Facts of unfair trading are detected and/or deterred. |
PoG NSCG GSE |
· 6 months – 1 year |
· In consultation with the IOSCO. |
|
· Special training courses are conducted for the judges dealing with corporate disputes/ protection of shareholders rights. |
· Georgian court system is improved (Objective 32); · Shareholders rights are enforced adequately (Objective 31); · Fairness of Market is ensured (Objective 45). |
· Judges have sufficient knowledge of corporate/securities laws; · Number of complaints against judges is reduced. |
MoJ NSCG GSIA |
· 6 months |
|
4.1.4 Joint Stock Companies not traded at Georgian Stock Exchange
Kazbegi JSC
Sector:
Consumer Goods
GSE Ticker:
KAZB
Summary Information:
· Kazbegi JSC is the leading Georgian brewery and producer of non-alcoholic drinks, coffee, cigarettes, etc.;
· Last year the company reported an impressive 75% increase in annual sales to GEL 9.4 mln., although the sales figure fell somewhat behind the management's ambitious estimate of GEL 12 mln.;
· Net profit of the company increased by 18% to GEL 1.4 mln., translating into EPS of GEL 0.51;
· Capital expenditures amounted to GEL 1.7 mln. that were mainly used for modernizing the existing facilities;
· The company's assets grew by 21% over the year to reach GEL 7.7 mln.;
· The company's equity increased by 25% and amounted to GEL 5.6 mln.;
· The company continues to pay dividends, which amounted to GEL 240 thousand or GEL 0.086 per share. At current prices dividend yield amounts to 3%.
Source: Galt & Taggart
Kazbegi JSC - Summary
Current Price (GEL)
2.50
Year High (GEL)
2.50
Year Low (GEL)
2.50
Market Capitalization (GEL mln.)
7.0
Shares Outstanding (mln.)
2.8
Free Float (%)
42.7
Free Float (GEL mln.)
3.0
Source: Galt & Taggart
Kazbegi JSC – Key Figures (IAS)
Year Ending December 31
2001
2002
Net Sales (GEL mln.)
5.4
9.4
Net Income (GEL mln.)
1.2
1.4
EPS (GEL)
0.43
0.51
Total Assets (GEL mln.)
6.3
7.7
Equity/Assets (%)
70.8
73.2
ROA (%)
19.0
18.2
ROE (%)
26.8
24.9
Book Value per Share (GEL)
1.60
2.00
P/E
5.77
4.91
P/BV
1.57
1.25
Sources: Kazbegi, Galt & Taggart
Kazbegi JSC – Valuation (Refer to Annex 1)
Valuation Limits
True Value (GEL mln.)
True Value/Market Cap.
Low
15.0
2
High
22.5
3
BANK OF GEORGIA JSC
Sector:
Financial Services
GSE Ticker:
GEB
Summary Information:
· Bank of Georgia JSC is the country's leading commercial bank;
· Last year the company reported about 6% increase in annual sales to GEL 36.6 mln.;
· Net profit of the company has decreased by about 7% in 2002 mainly due to higher administrative expenses;
· The Earning Per Share (EPS) in 2002 was GEL 0.72;
· The company's assets grew by remarkable 30% over the year to reach GEL 176.7 mln.;
· The company's equity increased by 13% over the last year and amounted to GEL 46.6 mln.;
· The company continues to pay dividends, which amounted to GEL 2 mln.or GEL 0.20 per share.
Source: Galt & Taggart
BANK OF GEORGIA JSC - Summary
Current Price (GEL)
1.55
Year High (GEL)
1.90
Year Low (GEL)
1.00
Market Capitalization (GEL mln.)
15.5
Shares Outstanding (mln.)
10.0
Free Float (%)
47.6
Free Float (GEL mln.)
7.4
Source: Galt & Taggart
BANK OF GEORGIA JSC – Key Figures (IAS)
Year Ending December 31
2001
2002
Net Sales (GEL mln.)
34.4
36.6
Net Income (GEL mln.)
7.7
7.1
EPS (GEL)
0.78
0.72
Total Assets (GEL mln.)
135.6
176.7
Equity/Assets (%)
30.5
35.8
ROA (%)
5.7
4.0
ROE (%)
18.6
16.5
Book Value per Share (GEL)
4.13
5.14
P/E
2.02
2.15
P/BV
0.38
0.30
Sources: Bank of Georgia, Galt & Taggart
BANK OF GEORGIA JSC – Valuation (Refer to Annex 1)
Valuation Limits
True Value (GEL mln.)
True Value/Market Cap.
Low
50.8
3.3
High
68.6
4.4
4.3 Human-Resource Development in the Private Sector
4.3.1 Business Schools/Universities
European School of Management (ESM).
Data Sheet.
- European School of Management ESM-Tbilisi
- 40,
Vazha Pshavela Ave. 1077, Tbilisi, Republic of Georgia
Tel.: (995-32) 39 68 64
Fax: (995-32) 37 55 16
e-mail: esmtbs@gol.ge
Internet: esm-tbilisi.ge - Simon Kadagidze
- Mission of European School of Management in Tbilisi (ESM-Tbilisi) is to create a new Georgian management elite - professionally thinking and professionally acting under market economy managers – providing high quality management education using modern and innovative teaching technologies and highly qualified faculty.
- LTD, Nonprofit
- Self financed through students tuition fees
- 1992
- 20
- 87
- 4 - Undergraduate Program, Graduate Program, Base Certificate Program, Foundation Program
- 224+46+58+50
- Look the attached sheets
- Undergraduate
– 4 years
Graduate – 2 years
Base Certificate Program – 7 months
Foundation Program – 1 year - Undergraduate - 224
Graduate - 46
Base Certificate Program - 58
Foundation Program - 50 - School leavers and young professionals
- Undergraduate
Program - secondary school leavers with
certificate
Graduate Program - young people with min bachelor
diplomas and min 2 years experience
Base certificate program - any person with high education
Foundation Program - secondary school leavers or students
in their last school year - Undergraduate -
$ 2200/ year
Graduate - $ 3500
Base Certificate Program - $ 1200
Foundation Program - $ 1000 - Entrance examinations, visiting schools with presentation, visiting educational fairs, marketing campaign through an advertising agency
- Georgian with good command of either English or German languages.
- Undergraduate - Bachelor of Business Administration
(General Management)
Graduate - Master of Business Administration
(General Management, Finance, Marketing)
Base Certificate Program - Certificate - $ 2000/year
The ESM Evening & Weekend MBA Program, A Curriculum 2003-2005
4.3.2 Government Sponsored Training Programs
GEPA's In-Company Export Marketing Programme.
The objective of GEPA's new programme is to increase the export capabilities
of Georgian companies. An integrated programme has been designed to assist
Georgian companies to systematically plan and prepare for export marketing.
The programme includes in-company export market development, training, the
organisation of inward and outward missions and a cost sharing grant scheme.
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