April 8 (SeeNews) - The Bulgarian Stock Exchange said on Wednesday that it has decided to admit to trading the share issue of local Telelink Business Services Group (TBS Group) as of June 1.
The indicative reference price per share for the first trading session is 7.6 levs ($4.32/3.89 euro), the Sofia bourse operator said in a statement.
Earlier this week, TBS Group said it intends to offer the first tranche of shares in the company for trade on the Bulgarian Stock Exchange in June, after the financial regulator approved a supplement to the company's listing prospectus last month.
"Based on the obtained approval, we intend to update the share offering procedure and carry out the first tranche of the offering at first appropriate possibility", TBS Group’s CEO Ivan Zhitiyanov said in a statement on Monday. "However, in the context of a continuing state of emergency relative to COVID-19, we intend to initiate the offering in June, hoping that this will provide enough time for the situation to normalize and for the seamless preparation of the company and investors," Zhitiyanov added.
TBS Group said in January that 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, in several tranches at a bottom price of 7.60 levs apiece.
TBS Group was spun off from local company Telelink Bulgaria in July 2019, becoming the sole owner of IT infrastructure, information security and digital transformation solutions provider Telelink Business Services and several other units of Telelink, engaged in similar activities.
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)