Allterco has begun restructuring after the sale of Telecom business (NEUTRAL)

Allterco has acquired the outstanding 33% (330 shares) of Allterco Trading for BGN 330. The counterparty was Mr. Svetozar Iliev and the valuation of the share price was made by an independent assessor. The changes are to be submitted to Commercial register and register of NPLE. The purpose of the deal was for the holding to get full control of the subsidiary in order to reorganize and diversify activities in the field of IoT business. Apart from that the BoD has decided to cease its telecom business in Asia, which means it has to sell 100% of the share capital of the Allterco PTE Ltd, Singapore, 100% of the share capital of Allterco SDN Bhd. Malaysia and 49% of the share capital of Allterco Ltd. Thailand.