Bulgarian business news outfit Investor.bg plans to channel the proceeds from its upcoming capital hike into new acquisitions and investments in existing projects, the company's chairman, Lyubomir Lekov, has said as quoted by Dnevnik.

Lekov provided no further information on the matter, but practice has proven that the company predominantly becomes majority owner in the projects it acquires.

Investor.bg's capital increase will be carried out via the issue of 239,892 new shares priced at BGN 12.4 apiece, which is currently pending an approval from the country's financial watchdog.

Should the fund-raiser prove successful, the Internet media company will raise nearly BGN 3 million, with its shareholders' equity growing 20% to BGN 1.44 million.

The transaction is being handled by KBC Securities Bulgaria. Trading with Investor.bg rights after the capital hike is expected to be buoyant, as the company has already received requests for the transaction, Lekov said.

The company's management, however, declined to say whether its shareholders' structure will be subject to reshuffle after the capital hike. Investor.bg expects a 17% growth in its net income to BGN 3.5 million in 2010 and a 25% rise to BGN 4.4 million in 2011.