April 16 (SeeNews) - Bulgaria's Web Media Group [BUL:45W] intends to raise 9 million levs ($5.2 million/4.6 million euro) in a capital increase via a new share issue, it said.
The company will offer 7.5 million shares for subscription at a price of 1.2 levs apiece, it said in a statement on Monday.
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)