04 November, 2009

Liberty Capital and People’s Bank of Georgia Announce The Launch Of Mandatory Tender Offer

Liberty Capital LLC, the owner of JSC People’s Bank of Georgia (“PBG”) and PBG (GSE: BANK) announced today the launch of a mandatory tender by Liberty Capital. In accordance with Law of Georgia on Entrepreneurship, the holder of more than 50% of voting shares is obliged to offer all remaining shareholders the purchase of their shares. The offer price was determined by independent broker-dealer and was set at GEL 0.018 per share, the same price Liberty Capital paid for 91.218% equity interest of PBG on 19 September 2009.