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Bulgaria's FSC asks Web Media Group for more info on cap hike prospectus

Author Mario Tanev
Bulgaria's FSC asks Web Media Group for more info on cap hike prospectus Financial Supervision Commission/All rights reserved.

SOFIA (Bulgaria), May 31 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has asked local Web Media Group [BUL:45W] to provide further information and documents regarding its request for approval of a capital increase prospectus.

The FSC did not provide further details in its statement, published on Thursday.

This is the second time the regulator has asked the company for further information and documents, after it also did so earlier this month.

Last month, Web Media Group said that it will seek to raise 9 million levs ($5.2 million/4.6 million euro) in a capital increase via a new share issue. The company will offer 7.5 million shares for subscription at a price of 1.2 levs apiece.

Web Media Group's capital currently stands at 2.84 million levs.

The company's shares last traded on the Bulgarian Stock Exchange at a price of 1.2 levs.

Web Media Group's majority owner at the end of 2018 was local company New Web Market, which held a stake of 58.38%.

Web Media Group controls 100% of Web News BG, and a 70% stake in Infostock which it acquired in December 2018 for 237,000 levs.

Web News BG manages news websites money.bg, news.bg, topsport.bg and lifestyle.bg, while Infostock operates the infostock.bg news website.

(1 euro = 1.95583 levs)

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