March 18 (SeeNews) - Bulgaria's Telelink Business Services Group, or TBS Group, [BUL:TBS] said it has initiated the liquidation of its wholly-owned subsidiary Telelink Business Services Montenegro.
The parent company has submitted the relevant documents to Montenegro's central register of business entities and appointed a liquidator for its subsidiary, TBS Group said in a bourse filing last week.
In 2023, TBS Montenegro posted a loss of 16,000 euro ($17,427) on revenue of 98,000 euro, according to preliminary data.
TBS Group's consolidated net profit fell to some 9.1 million levs ($5.1 million/4.7 million euro) last year from 10.9 million levs in 2022. The group's growth was impacted by the sales booked by Comutel in Serbia, TBS Montenegro, Telelink Bosnia and Telelink Slovenia, TBS Group said in its financial statement last month.
At the end of last year, the company had 11 wholly-owned subsidiaries across Bulgaria, Serbia, Montenegro, Bosnia and Herzegovina, Slovenia, Croatia, North Macedonia, Albania, Romania, Germany and the U.S., as well as indirect stakes in two additional Bulgarian units.
In February, the company signed an agreement to acquire Croatian IT, communication and software solutions provider Sedam IT for 9 million euro.
Shares in TBS Group last traded on Friday when they closed at 9.20 levs on the Bulgarian Stock Exchange, bourse data show.
($ = 0.9181 euro)