July 24 (SeeNews) - Bulgaria's Financial Supervision Commission (FSC) said that it has refused to approve the prospectus of local Web Media Group for listing a 12 million levs ($6.8 million/6.1 million euro) bonds issue on the Bulgarian Stock Exchange.
The issue comprises 12,000 unsecured bonds with a nominal value of 1,000 levs each, the financial regulator said in a statement on Tuesday.
Web Media Group placed the nine-year bonds in October 2018.
The issue carries and annual coupon of 6%.
Earlier this year, the FSC rejected the company's capital increase prospectus. Web Media Group was planning to seek to raise up to 9 million levs by offering 7.5 million shares.
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)