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Bulgaria's FSC rejects Web Media Group capital increase prospectus

Author Mario Tanev
Bulgaria's FSC rejects Web Media Group capital increase prospectus Financial Supervision Commission/All rights reserved.

SOFIA (Bulgaria), June 14 (SeeNews) - Bulgaria's Financial Supervision Commission (FSC) said that it has refused to approve the capital increase prospectus of local Web Media Group.

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

In April, Web Media Group said that it will seek to raise up to 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 1.3 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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