Bulgaria’s Telelink Business Services Group (TBS Group) [BSE:TBS] said on Thursday that three of its major shareholders are planning to float up to 30% of the company on the Sofia bourse by the end of 2021, following the successful placement of two tranches of shares.
Lyubomir Minchev, Ivo Evgeniev and Spas Shopov will proceed to offer further tranches of shares in TBS Group if there is significant investor interest, the company said in a bourse filing.
The price of the future offerings will be set as 8.5 x 12-month EBITDA minus net debt, but not lower than 11.10 levs ($6.61/5.68 euro) per share.
The three shareholders sold a total of 767,513 shares, representing 6.14% interest in TBS Group, at a price of 11.10 levs per share in the second tranche of the offering, held on Monday. Following the sale, Minchev controls 72.58% of TBS Group, while Evgeniev and Shopov own 4.74% interest each.
Minchev, Evgeniev and Shopov sold roughly 8% interest in the company during the first tranche of the offering in June, which was priced at 7.6 levs per share.
UK-based Utilico Emerging Markets Trust (UEM Trust) acquired 10% interest in the two tranches of the offering. UEM Trust acquired 5.8% interest in the second tranche and 4.2% in the first. The shares offered on the Sofia bourse in the two tranches were acquired by some 250 local and foreign investors.
As at 12:00 CET on Thursday, shares in TBS Group traded 0.93% lower at 10.7 levs on the Bulgarian Stock Exchange.
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.