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Bulgaria's Allterco to partly fund purchase of Slovenia's GOAP via share buyback

Bulgaria's Allterco to partly fund purchase of Slovenia's GOAP via share buyback Mark Rubens/Shutterstock.com

SOFIA (Bulgaria), June 27 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] said that it will buy back own 40,000 shares at an indicative price of 19.50 levs ($10.54/9.97 euro) apiece from two independent investors that it did not name, to finance part of the price of its planned acquisition of Slovenian sector player GOAP d.o.o. Nova Gorica.

The shares will be repurchased in over-the-counter transactions after the parties reached initial agreement on the price, Allterco said in a bourse filing after close of trading on Friday.

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The transactions will be carried out between June 27 and June 30.

Allterco said earlier in June that it has offered to acquire GOAP for around 3.3 million euro ($3.5 million) in cash and stock so as to broaden its product portfolio and enter new markets. If the offer does not succeed, the repurchased shares could be used as employee incentives or sold to private investors, the Bulgarian company added.

As at 1333 CEST, shares in Allterco traded 0.82% higher at 18.45 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)

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