Bulgaria’s TBS Group launches share buyback

Sofia: Bulgaria’s Telelink Business Services Group, or TBS Group, [BUL:TBS] said on Friday that its board decided to launch a share repurchase programme targeting up to 0.2% of the company’s equity capital.

TBS Group seeks to buy back up to 25,000 of its own shares, it said in a stock exchange filing.

The shares will be repurchased at a price between 7.40 levs ($4.14/3.78 euro) and 20.00 levs apiece, the company said earlier.

The share buyback, which will run until the end of this year, aims to support TBS Group’s investment activities and provide shares as part of an incentive programme for managers and employees of the company and its subsidiaries. TBS Group has appointed local Elana Trading as investment intermediary.

As of 1435 CEST on Friday, shares in TBS Group traded flat at 8.40 levs on the Bulgarian Stock Exchange.