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Bulgaria's Allterco lends 1.8 mln euro to two units

Author Mario Tanev
Bulgaria's Allterco lends 1.8 mln euro to two units Allterco / All rights reserved.

SOFIA (Bulgaria), August 19 (SeeNews) - Bulgarian IoT products developer Allterco [BUL:A4L] said that it has lent a total of 1.8 million euro ($2.0 million) to its units Allterco Properties and Allterco Trading.

The company lent 900,000 euro to Allterco Properties to finance the renovation of the group's office building, and 900,000 euro to Allterco Trading to help the company finance the costs of the reorganisation of its production and distribution activities, Allterco said in a bourse filing on Friday.

The one-year loans have a fixed annual interest rate of 1%.

Last month, Allterco wrapped up the sale of five of its telecommunications subsidiaries to Norway's LINK Mobility Group for 7.9 million euro ($9.0 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.

($ = 0.9005 euro)