December 15 (SeeNews) - Bulgaria's financial regulator said that it approved a capital increase prospectus of local Web Media Group [BUL:WMG].
Web Media Group will offer for subscription up to 5,000,000 new shares of 1.0 lev in par value each at an issue price of 1.80 levs ($1.00/0.92 euro), the Financial Supervision Commission (FSC) said in a statement on Tuesday.
In September, Web Media Group's board of directors decided to increase the company's capital by 5 million levs to 7.8 million levs via a new share issue.
Earlier this year, the FSC barred Web Media Group from publishing a prospectus for listing a nine-year 12 million levs bond issue on the Bulgarian Stock Exchange (BSE) because the company had failed to submit a corrected prospectus within the two-month period after the regulator asked it to do so on February 2.
Web Media Group's shares last closed at 1.35 levs on the BSE, bourse data showed.
Web Media Group is the majority owner of news website operators Web News BG and Infostock. Web News BG runs money.bg, news.bg, topsport.bg, lifestyle.bg and gladen.bg websites, while Infostock operates the infostock.bg financial news website.
(1 euro = 1.95583 levs)