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SOFIA (Bulgaria), December 7 (SeeNews) - Bulgaria's financial regulator said that it has approved the prospectus of local financial services company Intercapital Group, which operates under the brand name Cashterminal, for listing the company's issue of shares on the regulated market of the Bulgarian Stock Exchange.
Intercapital Group's capital consists of 3.85 million shares with a nominal value of 1 lev ($0.58/0.51 euro) each, the Financial Supervision Commission said in a statement on Thursday.
The FSC also entered Intercapital Group in its register of public companies.
In October, Intercapital Group's CEO told SeeNews that the company is trying to get public status and is considering an initial public offering on the BSE.
Intercapital Group, established in 2009, operates a network of automated machines for accepting cash payments for different types of services - water and power supply, heating, cable TV, internet.
According to commercial register data, Russian national Ali Aliyev owns a 75% stake in Intercapital Group. Sofia-based Nixxon Limited, which is fully owned by private individual Vanya Chervenkova, holds a 20% stake in the company. The remaining 5% interest is held by Sofia-based Luck Capital Group, a company fully owned by private investor Ansar Mazaev.
In 2017, Intercapital Group generated revenue of 4.5 million levs, up from 3.5 million levs the year before. However, the company's net profit decreased to just over 20,000 levs in 2017 from 1.3 million levs a year earlier, due to a rise in expenses.
Intercapital Group has a registered capital of 3.85 million levs, divided into 3.85 million shares.
The company added 300 "cash terminals" to its network across Bulgaria last year under a 1.1 million levs project 70%-financed from EU funds.
The company employed 20 people in 2017.
(1 euro = 1.95583 levs)