Tag Archives: health

Georgia Healthcare Group completes London IPO

NOV. 9 2015 (The Conway Bulletin) – In what is likely to be the only IPO on an international market by a company from Central Asia and the South Caucasus this year, Bank of Georgia completed the listing of its subsidiary Georgia Healthcare Group on the London Stock Exchange.

It sold a 29% stake in Georgia Healthcare Group, raising around £63m ($96m) to invest into two hospitals it has bought in the past couple of years in Tbilisi.

Georgia Healthcare Group is the largest private healthcare provider in Georgia, owning 42 hospitals and medical centres.

Although the IPO came in below the initial price range, Nikoloz Gamkrelidze, Georgia Healthcare Group’s CEO, was upbeat.

“A public listing enhances our ability to take advantage of the significant market growth prospects of the Georgian healthcare sector,” he said. “The primary proceeds will be used to fund our immediate growth plans, aimed at helping us achieve at least a doubling of our 2015 revenue by 2018.”

Reports earlier this year also suggested new legislation introduced by the Georgian government had forced Bank of Georgia to sell a large stake in its healthcare unit.

Georgia Healthcare Group had targeted a price range of 215-315p but instead had to settled for 170p, perhaps a reflection of the poor economic conditions in Emerging Markets in general and in the South Caucasus in particular. Since announcing the IPO in August, Bank of Georgia shares have lost 13% on the London Stock Exchange, possibly setting its healthcare unit up for its lower-than-hoped-for IPO pricing.

Even so, the Georgia Healthcare Group IPO, gave Western investors a rare chance to buy into the former Soviet Union. Over the past couple of years, London IPO plans from Kazakh companies in particular, have been shelved as an economic downturn triggered by low oil prices, worries about Emerging Markets and a recession in Russia bite.

Both Kazakhstan and Uzbekistan have announced they want to carve up some of their main state-owned companies and that they will look for IPOs on major international stock markets but these sales are a long way off.

Georgia Healthcare Group joins its parent company Bank of Georgia as the only two Georgian companies listed on the London Stock Exchange.

ENDS

(News report from Issue No. 256, published on Nov. 13 2015)

Footballer lauds Azeri healthcare

NOV. 3 2015 (The Conway Bulletin) – Tony Adams, the former England and Arsenal footballer, has become the unlikely cheerleader of Azerbaijan’s healthcare system.

Media quoted him as saying that he credits doctors in Azerbaijan, where he is working as director of football at the country’s biggest club Gabala, with saving his life with heart surgery.

He said that he referred himself to the Gabala team doctor after feeling chest pains.

“The brilliant surgeons at the Medical Plaza (hospital) did a fantastic job, as has been reiterated to me by my cardiologist in the UK,” he said.

“I know full well that without the brilliance of Dr Uzeyir Rahimov and his team I would not be alive now: a minor heart operation saved my life.”

Mr Adams, 49, is one of England’s most successful living footballers. He played more than 650 times for Arsenal, between 1983 and 2002, winning 10 trophies. He also played 60 times for England.

Mr Adams started managing Gabala in 2010.

ENDS

(News report from Issue No. 255, published on Nov. 6 2015)

Number of abortions rise in Georgia

NOV. 4 2015 (The Conway Bulletin) – The number of abortions in Georgia increased by three times between 2000 and 2012, new statistics published by Geostat showed. The statistics did also show a dip of 14% from 2012 – 2014. The abortion rate is significant in Georgia because of its generally traditional, church orientated society.

ENDS

(News report from Issue No. 255, published on Nov. 6 2015)

Georgia looks at health

OCT. 31 2015 (The Conway Bulletin) — The Georgian Chamber of Commerce launched an investigation into what it has said is a major gap in the country’s healthcare coverage which leaves over 400,000 Georgians uninsured. The timing of the study is pertinent. In October, Georgia Healthcare Group, the largest healthcare provider in Georgia, said it wanted to raise $100m in an IPO in London to modernise two of its private hospitals in Tbilisi.

ENDS

(News report from Issue No. 255, published on Nov. 6 2015)

Georgia Healthcare Group sets price range for London IPO

OCT. 25 2015, TBILISI (The Conway Bulletin) — Georgia Healthcare Group set a price range for shares at its IPO in London later this year of between 215p and 315p, an IPO that will give investors a rare chance to buy into the South Caucasus region.

This share price range gives Georgia Healthcare Group, the largest healthcare provider in Georgia, a value of between £257m – £347m ($400m – $535m).

Georgia Healthcare Group wants to raise $100m in the IPO to give two hospitals it owns in Tbilisi a makeover.

With economic conditions across the region slowing, various planned IPOs for companies from Central Asia and the South Caucasus have been cancelled or postponed.

Georgia Healthcare Group owns 42 hospitals in Georgia, giving it a 27% share of the hospital beds in the country. It used to be part of Bank of Georgia.

ENDS

(News report from Issue No. 254, published on Oct. 30 2015)

Turkmenistan has lowest smoker rate

JULY 21 2015 (The Conway Bulletin) – Turkmenistan has the lowest number of smokers per capita in the world, according to World Health Organisation’s director general, Margaret Chan, during a trip to Ashgabat.

Ms Chan was visiting Turkmenistan to attend a health conference.

“Recently a WHO overview showed that in Turkmenistan only 8% of the population smokes,” the AFP news agency quoted Ms Chan telling Turkmen President Kurbanguly Berdymukhamedov.

“This is the lowest national indicator in the world. I congratulate you on this achievement.”

But not only is it an achievement for the country, it is also an accolade of sorts for Turkmenistan’s authoritarian tendencies.

It was Mr Berdymukhamedhov’s predecessor Saparmurat Niyazov who pushed for a strict mass anti-smoking campaign.

He was a reformed heavy smoker who grew to hate the habit and pushed several campaigns to eradicate it. These were effective, much like his other, rather eccentric mass campaigns, such as outlawing ballet and banning men from having long hair.

Mr Berdymukhamedov is perhaps more restrained in his public campaigns but he too is considered an authoritarian leader.

Earlier this year officials in Ashgabat unveiled a golden statue of Mr Berdymukhamedov riding a horse. They said it symbolised his role as the protector and leader of the nation.

ENDS

(News report from Issue No. 241, published on July 23 2015)

Soviet monkey colony bristles with life in Georgian region

SUKHUMI/Georgia, JULY 16 2015 (The Conway Bulletin) — The hilltops surrounding Sukhumi, the capital of the Georgian breakaway region of Abkhazia, holds a disturbing Soviet legacy.

This is where, in 1927, the Scientific Research Institute of Experimental Pathology and Therapy opened. It was the first primate-testing centre in the world. Its pioneering medical and behavioural experiments set it at the forefront of revolutionary scientific discoveries, such as the creation of a polio vaccine in 1961.

And in the frenzied years of the Space Race the institute became directly involved with the training of cosmonaut monkeys. Six of the institute’s primates made it into orbit.

Then came Perestroika and the dissolution of the Soviet Union in 1991. Since then the Scientific Research Institute of Experimental Pathology and Therapy has become known instead as the Monkey Colony. It’s as if the monkeys have taken over the asylum.

A war between forces loyal to Georgia’s central government in Tbilisi and Abkhazian separatists took a heavy toll on the institute and its inhabitants. Scientists left, wages were simply discontinued and most of the monkeys either died of cold and malnutrition or managed to escape and try their luck in the lush Abkhaz forests.

Stories even popped up in newspapers of monkeys attacking pensioners as they scavenged for food.

Nowadays the institute’s cages have been slowly repopulated with sad-looking ill-nourished chimps and baboons. Past the decrepit entrance and surrounded by the crumbling buildings of abandoned laboratories a Soviet-era statue, a proud metal figure of a giant baboon, appears to be the only reminder of the institute’s former glory.

A bronze plaque lists the groundbreaking scientific achievements of the institutes. The count stopped in 1986.

ENDS

(News report from Issue No. 240, published on July 16 2015)

Construction workers die in Georgian capital

JULY 7 2015 (The Conway Bulletin) – Four construction workers in Tbilisi died when part of a building they were demolishing fell on them, media reported. The former Institute for Physics and Mathematics was being demolished to make way for a hotel. The accident highlights Georgia’s poor construction safety record.

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(News report from Issue No. 239, published on July 9 2015)

Kazakhstan spends less funding on healthcare

JULY 9 2015 (The Conway Bulletin) – Funding for Kazakhstan’s healthcare service needs to be doubled or tripled, media quoted Almas Kurmanov, head of the budget at the ministry of health, as saying. Mr Kurmanov said Kazakhstan spends $254/person on health compared to an OECD average of $2,400.

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(News report from Issue No. 239, published on July 9 2015)

Georgians rally against harsh marijuana laws

TBILISI/GEORGIA, JUNE 11 2015 (The Conway Bulletin) — To David Gabunia, a well-known Georgian musician, it just doesn’t make sense.

“When you cut down gorgeous big old trees, they let you get away with it,” he said referring to a tree cutting programme by Tbilisi city council. “But when you take a small weed and smoke it, they’ll put you in jail for many years.”

And he’s not alone in pondering this apparent quandary.

Several thousand people across Georgia joined demonstrations and signed online petitions on June 2 calling for the government to reduce harsh laws governing marijuana use.

The largest protest was in Tbilisi, where several hundred people attended a protest in the centre of the city.

Georgia has a zero tolerance drug policy. Drug use is an administrative offence with fines up to 500 lari ($225) for first time offenders and a criminal offence with one year imprisonment for repeat offenders. Carrying small quantities of illegal substances, such as marijuana, can mean prison sentences of between 11 and 20 years, comparable to rape, human trafficking and murder.

Marijuana grows naturally in Georgia, and the Abkhazia version, from the west of the country, is particularly highly thought of. But in the dark days of 1990s post-independent Georgia, society’s view of drugs and their users changed and a zero tolerance policy was introduced.

Since 2013, though, rallies have been organised asking the government to rethink its policies on marijuana. But not everyone is convinced. The powerful Georgian Orthodox Church is staunchly against marijuana and PM Irakli Garibashili also said a couple of days after the rallies that decriminalisation would have disastrous consequences.

“This is an issue of principle, and we are obliged to realise its deplorable consequences. I am personally completely, categorically against it,” he said on his Facebook page.

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(News report from Issue No. 235, published on June 11 2015)