Lubomir Minchev, the co-founder and majority shareholder of Bulgarian IT services management provider Telelink Business Services Group, or TBS Group [BUL:TBS], said he plans to offer a minority stake in the company on the Bulgarian Stock Exchange in the coming months while retaining majority shareholding.TBS Group CEO Ivan Zhitiyanov said last week that he intends to propose scrapping an obligation to distribute at least 50% of the company's profit as dividend and instead reinvest in acquisitions and other initiatives to develop and expand the company.
Such a strategy presents different potential returns and risks, Minchev commented, adding that his planned share offering is aimed at creating opportunities for risk diversification and attracting new investors.
As of the end of September, Minchev held a 66.97% stake in the TBS Group's equity capital.
TBS Group said last week that its indicative preliminary consolidated net profit declined to 5.5 million euro ($5.84 million) in 2022 from 6.3 million euro a year earlier, dragged down by lower revenue.
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