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Bulgaria's Telelink Business Services Group gets regulatory nod to go public

Author Mario Tanev
Bulgaria's Telelink Business Services Group gets regulatory nod to go public Photo: Bulgarian Stock Exchange / All rights reserved.

SOFIA (Bulgaria), November 29 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has approved the prospectus of local software group Telelink Business Services Group for listing its shares on the Bulgarian Stock Exchange.

Telelink Business Services Group will list all of its existing 12.5 million shares with a nominal value of 1 lev ($0.57/0.51 euro) each, the financial regulator said in a statement on Thursday.

Telelink Business Services Group was spun off from local Telelink Bulgaria in July, becoming the sole owner of software developer Telelink Business Services.

At the time, both Telelink Business Services Group and Telelink Bulgaria were 100% owned by Dutch-registered Telelink Holdings.

In September, Telelink Holdings transferred a 78.65% stake in Telelink Business Services Group to the Telelink group's end owner - private individual Lubomir Minchev. At the time, Telelink Holdings also transferred stakes of 6.175% each to Bulgaria-based Assets Management and Alexandrea Invest Group, respectively.

Meanwhile, in August Telelink Holdings increased the capital of Telelink Business Services Group to 12.5 million levs from 50,000 levs.

Earlier this year, Lubomir Minchev said that he is considering the option to list Telelink Business Services both in Bulgaria and on a foreign stock exchange.

Telelink Business Services is expected to generate a turnover of some 70 million euro this year, Minchev said at the time.

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)