Roughly 300 Investors Backed Telelink's Growth Plans
Nearly 8% of Telelink Business Services Group AD shares were successfully placed among investors within Tranche 1 of the company's offering to the Bulgarian Stock Exchange AD, the company announced. From June 8 to 11, the selling shareholders Lyubomir Minchev, Ivo Evgeniev and Spas Shopov sold a total of 982,487 shares with a fixed sale price of BGN 7.60 per share.
"I am happy that our shareholder structure after the offer has been expanded to include new foreign and Bulgarian investors. It is extremely important for us that despite the difficult economic and market situation, investors have trusted us," said Ivan Zhitiyanov, CEO of the company.
According to Radoslava Maslarska, chairwoman of the board of directors of Elana Trading, which manages the issue, the biggest success is attracting foreign investors to the company - something that has not happened on the Bulgarian market for a long time. Bulgarian institutional and individual investors also supported the market. The new shareholders in the company include about 300 Bulgarian and foreign companies and individual investors, of which the share of institutional investors is approximately 80%. a large number of employees of the company is among the other individual investors, as well as part of the corporate and administrative management.
The participation of the management and some of the employees points to trust in the company and the long-term prospects of its development, commented Zhitiyanov, who also bought shares within the offer.
According to the Sale Procedure adopted by the selling shareholders, a total of 875,000 shares or 7% of the company's capital were initially offered under Tranche 1. As a result of the strong interest and in accordance with the Procedure, 107,487 shares were subsequently offered, and successfully sold.
The next Tranche 2 of the share offering will be in the autumn of 2020 and their volume and price will be determined according to the initial plans.