June 11 (SeeNews) - Bulgaria's Telelink Business Services Group (TBS Group) [BSE:TBS] said that its major shareholders have agreed to offer more than the planned 875,000 shares, or 7% interest, in the company as part of the first tranche of its public offering on the Bulgarian Stock Exchange.
The shareholders agreed to offer an additional volume of shares equal to the buy orders priced at 7.6 levs ($4.32/3.89 euro) by 16:00 local time on Thursday, the company said in a bourse filing late on Wednesday.
TBS Group shares started trading on the Bulgarian Stock Exchange on Monday, with the initial 875,000 shares offered by existing shareholders subscribed in full within the first three trading sessions this week.
As at 13:20 local time, TBS Group shares traded 1.32% higher at 7.7 levs.
Last week, the company's major shareholders signed an updated public offering agreement, envisaging the offering of 30% interest in the company in two tranches. The second tranche is planned for the second half of September, with the price to be determined based on the company's performance. However, the minimum price for the second tranche will also be 7.6 levs per share.
Last month, the company said it generated a consolidated net profit of 3.6 million levs in the first quarter of 2020 on revenue of 37.2 million levs.
TBS Group was spun off from local company Telelink Bulgaria in July 2019, becoming the sole owner of IT infrastructure, information security and digital transformation solutions provider Telelink Business Services and several other units of Telelink, engaged in similar activities.
In 2017, Telelink reorganised its business into four new companies - Telelink Business Services, Telelink Infra Services, Telelink City Services and Telelink Labs. The four companies became part of newly established holding group Telelink Bulgaria.
(1 euro = 1.95583 levs)