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Bulgaria's Web Media Group to seek 4.6 mln euro in cap hike

Author Mario Tanev
Bulgaria's Web Media Group to seek 4.6 mln euro in cap hike tanatat/Shutterstock.com

SOFIA (Bulgaria), August 20 (SeeNews) - Bulgaria's Web Media Group [BUL:45W] 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 said in a statement last week.

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.

In June, the Financial Supervision Commission rejected Web Media Group's prospectus for a capital increase under the same terms.

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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