- Georgia Capital said its wine business had acquired a 100% stake in Alaverdi, tripling the group's wine production capacity.

Following the acquisition, the group's wine production business' capacity would rise from the current 9.4m wine bottles to 28.4m wine bottles per annum, providing substantial relief in planned capital expenditures for the next few years, the company said.

The wine business would consolidate the results of Alaverdi's operations from the acquisition date and expected that the acquisition would provide a 'significant cost advantage to produce red wines with mostly self-harvested grapes,' the company said.

Based on Alaverdi's unaudited management estimates for the first half of 2019, the company's revenues and EBITDA were US$ 2.2 million and US$ 0.9 million, respectively.

At 9:59am: [LON:CGEO] Georgia Capital Plc Ord Gbp12.70 share price was +3p at 1039p

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