September 27 (SeeNews) - Bulgaria's Web Media Group [BUL:WMG] said its board of directors decided to increase the company's capital by 5 million levs ($3 million/2.56 million euro) to 7.84 million levs via a new share issue.
The issue will consist of 5 million new shares of 1 lev in par value each that will be offered at an issue price of 1.80 levs, the group said in a bourse filing last week.
In April, Bulgaria's Financial Supervision Commission (FSC) said it 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 1.30 levs on the BSE.
Web Media Group is 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)