October 26 (SeeNews) - Online betting operator Telematic Interactive Bulgaria [BSE:TIB] said that it is moving ahead with preparations for a potential listing on the Frankfurt Stock Exchange after the company's board of directors gave the green light at a recent meeting.
This decision is in line with Telematic Interactive's medium-term development strategy and carries the potential for significant growth and expansion in the international market, the company said in a bourse filing after close of trading on Tuesday.
The secondary listing is also seen as a means to improve liquidity and attract potential new investors.
Telematic Interactive owns the PalmsBet casino brand and is active in sports betting. The company's majority shareholder is Eldorado Corporation, which owns a stake of 92.59%.
The online betting and gaming company has two subsidiaries - gaming software supplier CT Interactive and PalmsBet Ukraine, but due to the war in Ukraine, the parent company has halted the process of injecting capital and building out its corporate structure.
Last week, Telematic Interactive announced its entry to the Peruvian market.
The company also plans to seek shareholder approval for agreeing a loan with South Cape Investments to develop its activities in Kenya, according to a notice which was filed on Monday and called an extraordinary shareholder meeting for November 30.
Earlier this year, Telematic Interactive also revealed plans to expand its activities in Italy, Mexico and Columbia, on the back of deals with Italian online gaming operator Betflag and UK's Playtech.
The company started trading on the Bulgarian Stock Exchange in March, after raising over 16 million levs ($8.2 million/8.18 million euro) in an initial public offering priced at 50 levs per share, or at the bottom of the initially targeted range.
Telematic Interactive has a market capitalisation of 198.9 million levs, bourse data showed. Its stock was trading flat at 15.35 levs as at 0955 CEST on Wednesday.
(1 euro = 1.95583 levs)