September 18 (SeeNews) - Bulgaria's Telelink Business Services Group (TBS Group) [BSE:TBS] said that its major shareholders - Lyubomir Minchev, Ivo Evgeniev and Spas Shopov, will sell up to 875,000 shares representing 7% interest in the company in the second tranche of offering on the Sofia bourse.
The shares will be offered as of September 21 until September 25 at a price of 11.10 levs ($6.72/5.67 euro) apiece, based on the group's consolidated financial reports for 2019 and for the first half of 2020, TBS Group said in a bourse filing earlier this week.
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On September 21, within pre-trading hours, the selling shareholders will place orders for the sale of a total of 767,513 shares at a price of 11.10 per share. In case all the offered shares are sold at the set price before September 25 and given substantial indicative interest, the selling shareholders can place an additional order/s for a total of up to 107,487 shares at the same price valid through the expiry date, the bourse filing read.
After the close of the second tranche, the shareholders may offer the remaining part of the shares through subsequent tranches depending on the observed interest from investors.
As at 13:45 CET on Friday TBS Group's shares traded 3.77% higher at 11.00 levs on the Bulgarian Stock Exchange.
In June, TBS Group said that its major shareholders have signed an updated public offering agreement, envisaging the offering of 30% interest in the company in two tranches. Minchev, Evgeniev and Shopov sold 982,487 shares representing 8% interest in the company in the first tranche. The shares were acquired at a price of 7.6 levs apiece by around 300 investors.
Earlier this month, TBS Group said that its consolidated net profit jumped to 6.4 million levs in the first half of 2020 from 2.8 million levs in the same period of 2019.
The group's consolidated net profit rose by an annual 7% to 8.2 million levs last year.
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)