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

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

SOFIA (Bulgaria), October 30 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has received a request for admission to trading on a regulated stock exchange market from local Telelink Business Services Group.

The regulator did not provide further details in its statement, published late on Tuesday.

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 ($7.1 million/6.4 million euro) 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)