StockMarketWire.com - Bank of Georgia said it had decided not to declare a dividend at its next annual general meeting while it assess the potential impact of the spreading coronavirus on its business.

Last month, the company said it planned to recommend an annual dividend for 2019 at the AGM of GEL 2.67 per share.

It had also reiterated strategic targets based on at least 20% return on average equity, and around 15% growth of its loan book.

'Given the current level of uncertainty with regard to the global impact of COVID-19, and the potential length of time of that impact, the board of directors will keep these issues under review in the light of developments over the next few months,' the company said on Monday.

'In the meantime, the board of directors has decided not to recommend a dividend to shareholders at the 2020 Annual General Meeting, at this stage.'

'When the full economic impact of the COVID-19 pandemic is better understood, the board will consider the appropriate level.'

'We will provide a further update with the announcement of the group's first quarter of 2020 results in May.'

Bank of Georgia said its lending exposure to the hotels and associated tourism-related sectors, such as restaurants, was currently about GEL 800m, predominantly all of which was fully secured.


At 1:16pm: [LON:BGEO] Bank Of Georgia Group PLC share price was -180.5p at 1049.5p



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