May 30 (SeeNews) - The three major shareholders of Bulgarian managed services provider Telelink Business Services Group [BUL:TBS] have decided to sell an equity stake of up to 25% on the regulated market of the Bulgarian Stock Exchange, the company said.
The offering will consist of 3.125 million shares priced at 9.50 levs ($ 5.18/4.85 euro) apiece and will take place between June 1 and June 7, the group said in a filing after close of trading on Monday. At the indicated price, the transaction will be valued at some 29.7 million levs.
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Shares in Telelink Business Services Group, or TBS Group, closed at 9.40 levs on Monday. The company's stock has lost about a quarter of its value over the past 12 months, bourse data showed.
In a separate statement published by the group, co-founder and majority shareholder Lubomir Minchev said that he had discussed his decision to trim his stake in the company with the other two major shareholders, Spas Shopov and Ivo Evgeniev.
The move will serve "to enable a wider range of potential investors to join and support the company's prospects for accelerated growth in the coming years, while retaining a majority stake on my part," Minchev said in the statement.
Earlier this month, TBS Group forecast a 14% drop in net profit to in 2023 to 4.8 million euro ($5.2 million), excluding the effect of potential acquisitions, which it considers a tool for a planned non-organic expansion in Southeast Europe.
(1 euro = 1.95583 levs)