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Bulgaria's Allterco seeks to list on Frankfurt Stock Exchange on Sept 1

Bulgaria's Allterco seeks to list on Frankfurt Stock Exchange on Sept 1 Allterco/All rights reserved

SOFIA (Bulgaria), June 9 (SeeNews) - Bulgarian IoT products developer Allterco [BUL:A4L] said it has applied to start trading on the regulated market (XETRA 2) of the Frankfurt Stock Exchange on September 1.

Allterco intends to list a total of 17,999,999 ordinary shares with a nominal value of 1 levs ($0.62/0.51 euro) each, representing 100% of its capital, the company said in a filing with the Bulgarian Stock Exchange (BSE) on Tuesday.

Allterco is listed on the Bulgarian stock exchange, where its shares traded 1.18% higher at 17.20 levs as as at 14:45 CET.

Private individuals Svetlin Todorov and Dimitar Dimitrov own 32.48% each in the capital of Sofia-based Allterco, according to the comapany's bourse filing.

In January, Allterco said that it has started the registration process for listing on the Frankfurt bourse and expects to complete the listing process within the next 12 to 18 months. The reason behind the company's decision is the great investor interest from consumers, partners and institutional investors abroad. The listing will also provide the company with access to new financing and business development opportunities, Allterco said back then.

Earlier on Wednesday Allterco said it has entered into a 2.1 million euro ($2.5 million) non-binding agreement to sell its telecommunications business in Asia to Singapore-based company Skylight Venture Capital Pte. The potential transaction concerns the sale of Allterco's interest in Singapore-registered Allterco Pte., Malaysia-registered Allterco Sdn., and Thailand-registered Allterco Co. The signing of a binding agreement is subject to detailed due diligence and negotiations.

Allterco's consolidated net profit grew to 13.9 million levs in 2020 from 7.2 million levs in 2019, as revenue increased to 51.1 million levs from 42 million levs, according to the bourse filing.

(1 euro = 1.95583 levs)

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