INVESTOR.BG RAISES EUR 1.5M ON STOCK MARKET
Bulgarian business news outfit Investor.bg has raised BGN 3 million on the stock market through a new share issue, the company said on Friday. The stock was taken up by 44 investors and proceeds from the offering will be used for new investments. Part of the funds will be added to the company's capital, which will grow by 20% to BGN 1.44 million.
When announcing the planned capital hike in December 2010, board chairman Lyubomir Lekov said the raised funds would be channelled into new acquisitions and investments in existing projects. Investor.bg has a portfolio of 14 websites, which have some 1.8 million visitors a month. The company reported an annual increase of about 33% in revenue to BGN 273,000 in February. Investor.bg ended 2010 with a revenue of BGN 3.5 million, up 17% on an annual basis, but saw a 37% decline in net profit to BGN 317,000.
