October 8 (SeeNews) - Bulgarian investment company Intrust, fully owned by member of parliament Delyan Peevski, said that it is planning to absorb its unit Telegraph Media, which publishes the Telegraf, Monitor, Politika and Meridian Match newspapers.
The merger aims to optimise the operations of the two companies and to improve their management, Intrust said in a commercial register filing published on Tuesday.
Currently, Intrust owns 100% of Telegraph Media.
Telegraph Media boosted its net profit to 6.3 million levs ($3.8 million/3.2 million euro) in 2019 from 227,000 levs in 2018, as its revenue grew to 24.7 million levs from 20 million levs, according to its most recent annual financial statement.
(1 euro = 1.95583 levs)