October 9 (SeeNews) - Bulgarian IoT products developer Allterco [BUL:4AL] said that it is planning to start direct sales in Asia through a local office in Shenzhen next year, with the aim of achieving total monthly sales of over 300,000 devices in 2022.
Subsequently, Allterco plans to seek admission to trading on the Frankfurt Stock Exchange in 2023, the company said during an investor conference in relation to its capital increase procedure.
Allterco is currently seeking to raise up to 9 million levs ($5.4 million/4.6 million euro) by offering 3 million new shares for subscription at a price of 3 levs each.
The company's consolidated net profit excluding minority interest rose to 2.9 million levs in the first half of 2020 from 747,000 levs in the same period of 2019, despite a decrease in revenue to 18.6 million levs from 24.1 million levs.
(1 euro = 1.95583 levs)