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Jun 08, 2023 16:59 EEST
June 8 (SeeNews) - Luxembourg-based private equity firm CEECAT Capital said on Thursday that, through its CEECAT Fund II, it invested in Bulgarian managed services provider Telelink Business Services Group, or TBS Group, [BUL:TBS].
CEECAT will work with TBS Group to further foster its sustainable development and talent acquisition as well as to help spur its strategic global expansion with a specific focus on Western Europe and the US, the private investor said in a press release without providing further details of the transaction.
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In a separate filing, TBS Group said that Luxembourg-based SEET Investment Holdings acquired some 2.87 million of its shares, equal to 22.98% of the Bulgarian company's voting rights. The shares were acquired via trades on the regulated market on June 5.
Also on Monday, TBS Group co-founder and majority shareholder Lyubomir Minchev transferred some 1.84 million shares of TBS Group, retaining roughly 6.53 million shares in the company and reducing his voting rights to 52.23% from 66.97%, the filing showed.
TBS Group's shares closed 1.62% higher at 9.40 levs ($5.17/4.80 euro) on Monday, after some 2.9 million shares changed hands, bourse data showed. TBS Group itself later said that it also repurchased 23,500 own shares as part of its ongoing share buyback programme.
The group's public stock consists of 12.5 million shares, which were trading flat at 9.90 levs as of 1539 on Thursday on the Sofia bourse. The company's current market capitalisation amounts to 123.75 million levs.
The Bulgarian IT services provider first revealed in February that it will open its books to the Luxembourg-based investor, which focuses on high-growth markets in emerging Europe.
Last week, TBS Group said that Minchev and two other major shareholders are planning to sell an overall equity stake of up to 25%in the company, as Minchev will retain majority ownership.
(1 euro = 1.95583 levs)
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