SOFIA (Bulgaria), January 27 (SeeNews) - Bulgarian telecommunications and IoT company Allterco [BUL:A4L] said on Monday that it will seek to raise up to 9 million levs ($5.1 million/4.6 million euro) via a capital increase.
Allterco will offer for subscription 3 million shares at a price of 3 levs apice, it said in a bourse filing.
The funds raised from the capital hike will be invested in the expansion of the company's research and development (R&D) and sales teams, participation in local and international expos, and the establishment of regional logistics hubs.
The capital increase will be considered successful if at least 1 million shares are subscribed for and paid for.
The company currently has a registered capital of 15 million levs.
Allterco has been restructuring its business in the past few years, trying to divest its telecommunications business and focus on its IoT units.
Allterco is currently seeking a buyer for its telecommunications business in Asia, namely its 100% interest in Singapore-based Allterco PTE and Malaysia-based Allterco SDN, as well as its 49% stake in Allterco Ltd. Thailand. The company sold five of its telecommunications subsidiaries to Norway's LINK Mobility Group for 7.9 million euro ($8.8 million) last year. 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.
At the same time, the company is consolidating its control over its IoT subsidiaries, after acquiring the remaining 33% interest in both Allterco Trading and Global Teracomm last year.
(1 euro = 1.95583 levs)