February 19 (SeeNews) - Bulgarian software group Telelink Business Services Group said on Wednesday that it will update its prospectus for listing on the Bulgarian Stock Exchange by providing additional information requested by the Financial Supervision Commission.
The information is related to the preliminary 2019 financial results and planned dividend distribution in 2020 announced by the company, TBS Group, said in a statement.
"I am hoping that we will quickly fulfil the additional instructions given by the regulator that aim to ensure the highest level of transparency and protection in relation to the high interest declared by both domestic and foreign investors," Ivan Zhitiyanov, executive director of TBS Group, said in the statement.
After the prospectus has been updated, the company will inform investors of the amended procedure for the offering of shares and when the offering itself could begin.
In January, TBS Group said its 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, equal to 30% interest, at a bottom price of 7.60 levs ($4.32/3.89 euro) apiece. TBS Group was hoping at the time that it will be admitted to trading on the Sofia bourse by the end of January.
TBS Group also said in January said that its consolidated net profit rose by an annual 7% to 8.2 million levs in 2019, according to preliminary data, of which 4 million levs will be distributed as dividend.
TBS Group was spun off from local company Telelink Bulgaria in July of last year, becoming the sole owner of software developer Telelink Business Services.
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.
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)