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TBS Group files for listing on the Bulgarian Stock Exchange

Author Mario Tanev
TBS Group files for listing on the Bulgarian Stock Exchange Photo: Bulgarian Stock Exchange / All rights reserved.

SOFIA (Bulgaria), January 15 (SeeNews) - The Bulgarian Stock Exchange said on Wednesday that local Telelink Business Services Group (TBS Group) [BUL:TBS] has filed for admission to trading on the bourse's main market.

TBS Group is seeking list all of its existing 12.5 million shares with a nominal value of 1 lev apice ($0.57/0.51 euro), the Sofia bourse operator said in a statement.

Last week, the company it expects to be admitted to trading on the Bulgarian Stock Exchange by the end of January. Current shareholders will be allowed to sell up to 30% of the number of outstanding shares. The company's current majority owner - Lyubomir Minchev, has also committed to keeping at least 51% interest in the company by the end of 2021.

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

The groups's consolidated net profit 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, the company said last week. The group's consolidated revenue decreased 5% to 110.1 million levs last year due to lower sales in the Western Balkans, according to the preliminary data.

Last year, 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)