February 6 (SeeNews) - Online betting operator Telematic Interactive Bulgaria [BSE:TIB] said on Monday that it will seek the consent of its shareholders to make investments in financial instruments and money market instruments.
The value of the planned portfolio should range between 1 million levs and 30 million levs ($16.5 million/15.3 million euro), the company said in a bourse filing.
The investment strategy includes the conclusion of deals for Treasury bonds, corporate bonds and other financial instruments issued by governments or companies with credit ratings AAA, AA or A. The instruments should have maturity no longer than 18 months from the date of acquisition. About 15% of the portfolio could include investments in instruments issued by governments or companies with a BBB credit rating.
The aim of the planned transactions is to preserve the company’s funds, while generating additional profitability from them.
The company will seek authorisation for the potential investments from its shareholders at an extraordinary general meeting scheduled on March 14.
Telematic Interactive Bulgaria recently said it acquired 400,000 new shares in its Peruvian subsidiary TIB Consult SAC, bringing its stake in the unit to over 99.99%.
(1 euro = 1.95583 levs)