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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/

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,, and, while Infostock operates the news website.

(1 euro = 1.95583 levs)