Bulgaria's TBS Group shareholders approve share repurchase programme

TBS Group 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, it said in a bourse filing.

The programme will run until the end of 2020.

As at 15:45 CET on Tuesday, TBS Group shares traded 1.94% lower at 7.6 levs on the Bulgarian Stock Exchange.

TBS Group shares started trading on the BSE on June 8, with its major shareholders - Lyubomir Minchev, Ivo Evgeniev and Spas Shopov, selling 8% interest in the company at a price of 7.6 levs per share in the first four days of trading. The three investors plan to offer a second tranche of TBS shares in the second half of September, with the price to be determined based on the company's performance.

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)