March 18 (SeeNews) - Bulgarian IoT and telecommunications company Allterco [BUL:A4L] said that its wholly-owned unit Allterco Properties has delayed the date for signing a final agreement to acquire a property adjacent to its current business building in Sofia for 500,000 euro ($552,000).
Both parties to the deal have agreed to push the date for finalising the transaction from March 16 to the end of April, Allterco said in a bourse filing late on Tuesday.
The 610 sq. m. property represents a good opportunity for expansion of the Allterco group's base with additional office and storage space, Allterco said upon the signing of the preliminary agreement earlier this year.
Allterco Properties intends to finance the purchase through a bank loan but it has not yet reached an agreement with any lender. However, if the company fails to secure a bank loan at favourable conditions, it has enough free cash to finance the acquisition, it said earlier this year.
($ = 0.9052 euro)