Bulgaria FSC Asks For More Information From TBS Group For

Bulgaria’s Financial Supervision Commission said that it has asked local Telelink Business Services Group (TBS Group) to provide additional information and documents regarding its request for approval of a prospectus for listing on the Sofia bourse.

The regulator did not provide further details in its statement, published on Thursday.

Last month, TBS Group said it will update its prospectus for listing on the Bulgarian Stock Exchange by providing additional information on its preliminary 2019 financial results and planned dividend distribution in 2020.

“I am hoping that we will quickly fulfil the additional instructions given by the regulator that aim to ensure the highest level of transparency and protection in relation to the high interest declared by both domestic and foreign investors,” Ivan Zhitiyanov, executive director of TBS Group, said at the time.

In January, TBS Group said 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, at a bottom price of 7.60 levs ($4.32/3.89 euro) apiece. TBS Group was hoping at the time that it will be admitted to trading on the Sofia bourse by the end of January.

TBS Group also said in January said that its consolidated 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.

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.

Earlier in 2019, 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.

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