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Bulgaria's Telelink Business Services Group intends to go public by end-Jan

Bulgaria's Telelink Business Services Group intends to go public by end-Jan Photo: Bulgarian Stock Exchange / All rights reserved.

SOFIA (Bulgaria), January 9 (SeeNews) - Bulgarian software group Telelink Business Services Group said on Thursday its shares are expected to start trading on the stock exchange in Sofia by the end of January.

Telelink Business Services Group's 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 at a bottom price of 7.60 levs ($4.32/3.89 euro) apiece, Telelink Business Services Group said in an addendum to its listing prospectus filed with the Bulgarian Stock Exchange.

The group also said it expects to sell those shares, representing a 30% stake in its capital, by the end of 2020.

Bulgaria's Financial Supervision Commission (FSC) approved the listing prospectus of Telelink Business Services Group at the end of November. The financial authority said back then that Telelink will list all of its existing 12.5 million shares of 1 lev in par value each.

Telelink Business Services Group was spun off from local company Telelink Bulgaria in July of last year, 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.

Earlier in 2019, Lubomir Minchev said that he is considering the option of listing 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 in 2019, 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)