SOFIA (Bulgaria), December 17 (SeeNews) - Bulgaria's Allterco [BUL:A4L] said on Tuesday that it intends to divest its telecommunications business in Asia, namely its 100% interest in Singapore-based Allterco PTE and Malaysia-based Allterco SDN, as well as its 49% stake in Allterco Ltd. Thailand.
At the same time, the company is looking to consolidate its control over its IoT subsidiaries, by acquiring the remaining 33% interest in both Allterco Trading and Global Teracomm, Allterco said in a bourse filing.
In July, Allterco wrapped up the sale of five of its telecommunications subsidiaries to Norway's LINK Mobility Group for 7.9 million euro ($8.8 million). Allterco sold its units in Bulgaria - Teravoice, Tera Communications and Allterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL.
Allterco received 60% of the price in cash and a further 20% is shares in Victory Partners VIII Norway Holding - the sole owner of LINK Mobility Group. The remaining 20% will be paid on a deferred basis within two years.
As at 14:25 CET on Tuesday, Allterco shares traded flat at 3.7 levs on the Bulgarian Stock Exchange.
($ = 0.8967 euro)