May 29 (SeeNews) - Bulgaria's Telelink Business Services Group (TBS Group) [BSE:TBS] said on Friday that it is seeking the approval of its shareholders to launch a share repurchase programme targeting up to 3% of its own capital.
The company will pay up to 11 levs ($6.26/5.62 euro) per share but no less than 7.4 levs per share for the repurchases, TBS Group said in an invitation for a shareholders meeting.
The programme will run until the end of 2020.
TBS Group shareholders will vote on the proposal at a meeting scheduled for June 30.
On Thursday, the Bulgarian Stock Exchange said TBS Group will start trading on the bourse on June 8, instead of the initially announced June 1 date. All other parameters remain unchanged, the Sofia bourse said in a statement.
On Wednesday, the company said it generated a consolidated net profit of 3.6 million levs ($2.0 million/1.8 million euro) in the first quarter of 2020 on revenue of 37.2 million levs.
TBS Group said in January that its majority owner Lubomir Minchev and the rest of the shareholders with voting rights have decided to offer for sale up to 3.75 million existing shares, equal to 30% interest, in several tranches at a bottom price of 7.60 levs apiece.
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)