Georgia Capital CEO Receives Shares, Sells Part of Holdings

Hotel spending was largely driven by non-residents, who accounted for 86% of transactions, averaging GEL724 per transaction (+46% YoY). Residents accounted for 14%, with an average spend of  GEL201 (+14% YoY).Restaurant spending also surged, rising 42% YoY to an average transaction of  GEL36. Residents represented 68% of total restaurant spending, averaging GEL 27 (+26% YoY), while non-residents accounted for 32%, averaging  GEL 140 (+94% YoY), nearly five times the resident average.The data highlights the impact of tourism on Georgia’s hospitality sector, while domestic consumption also showed steady growth, particularly in the restaurant segment.

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Residents drove the majority of spending, accounting for 87%, while non-residents contributed 13%. Food purchases made up 27% of total expenditures, and restaurant spending 13%. Food-related transactions grew 20% YoY, with an average spend of  GEL19, amid 9% inflation for food and non-alcoholic beverages.Overall, spending was split 67% on goods and 33% on services, with the higher share of goods likely boosted by seasonal and holiday discounts. Food alone represented 40% of total goods spending, highlighting its importance in consumer budgets.The data shows strong domestic consumption during the holiday season, alongside growth in services and retail sectors.

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The ambassadorial post in Tbilisi had been vacant since 2022, following the end of Igor Dolgov’s mission. In the interim, Ukraine was represented by five acting ambassadors, the latest being Roman Yakovenko.Brodovych has been a career diplomat since 1996, previously serving as Consul General in Istanbul and Krakow, and as Ambassador to Slovenia from 2015 to 2022.The appointment is part of a broader reshuffle, with Zelensky replacing Ukrainian ambassadors in 16 countries, including South Africa, Mexico, Canada, Italy, South Korea, Sweden, and the UAE.

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Ghudushauri served as Deputy Minister from 2022 to March 2024, overseeing the Ministry’s financial and economic departments under Minister Zurab Azarashvili.The case concerns a 2022 tender for emergency medical vehicles, initially awarded at  GEL8,525,876. According to investigators, Ghudushauri abused his authority to cancel the original tender and announce a new tender favoring a pre-selected company, resulting in  GEL2,138,196 being paid unjustifiably and undermining the state’s legal interests.The investigation falls under Article 332, Part 2 of Georgia’s Criminal Code, and the Finance Ministry’s Investigative Service continues intensive operations to identify corruption participants, hold them accountable, and prevent further offenses.

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Khutsishvili stated that every case highlighted by media or organizations is thoroughly reviewed, noting that most recent claims were also checked and found unrelated to Georgia. He stressed that suspicious transactions may occur worldwide, but this does not mean they should be linked to Georgia without basis.According to the minister, Georgia is responsible only for transactions conducted within the country or through its territory. He said that none of the mentioned transactions involved the export of goods from Georgia to sanctioned destinations, adding that all operations potentially linked to sanctions are under strict control.Addressing re-export questions, Khutsishvili explained that vehicles exported from Georgia are shipped precisely to the countries listed in official customs data, and any further movement is the responsibility of the receiving states. He underscored that Georgia cannot be accountable for the entire global logistics chain and is successfully fulfilling its own responsibilities.

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Lion Finance Group (BGEO LN) shares closed at GBP 96.45/share (+0.05% w/w and +5.24% m/m). More than 163k shares traded in the range of GBP 92.90 - 98.75/share. Average daily traded volume was 52k in the last 4 weeks. The volume of BGEO shares traded was at 0.38% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 40.45/share (+1.38% w/w and unchanged m/m). More than 390k shares changed hands in the range of GBP 38.40 - 41.20/share. Average daily traded volume was 63k in the last 4 weeks. The volume of TBCG shares traded was at 0.70% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 32.70/share (-1.95% w/w and +7.74% m/m). More than 441k shares traded in the range of GBP 30.80 - 33.60/share. Average daily traded volume was 69k in the last 4 weeks. The volume of CGEO shares traded was at 1.27% of its capitalization. 

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Following the sale, Lazard’s total voting rights are represented by 1,690,027 shares. However, the ownership is entirely indirect, as per DTR5.2.1 reporting requirements.While the transaction details do not specify the beneficiaries, the shares are likely not economically owned by Lazard itself, as the company acts as an asset manager.It is assumed that the shares belong to Lazard’s clients - including funds, mandates, or institutional investors - while voting rights have been delegated to Lazard.

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Across the city, primary market transactions rose by an average of 13.1%, and secondary market prices increased by 8.2%. In December 2025, a total of 4,495 residential apartment transactions took place in Tbilisi, marking a 12.7% increase compared to the previous year. The market size grew 21.8%, reaching $350 million.For older apartments, the average weighted price increased 12.3% in the suburbs, 7.7% in the wider center, and showed a slight 0.1% decrease in the city center compared to December 2024.Transaction volumes in new projects rose 15.4% year-on-year. On the primary market, new apartment transactions increased 10.4%, while secondary market transactions grew 24.3%. In older projects, transaction numbers increased by 2.9%.

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