Spanish distributor Manga Films is seeking an investor to provide a capital increase of $19.5m to finance its local expansion plans.

Manga president Luis de Vals, told Reuters that the addition of a new major shareholder would herald a consolidation of the company's activities with the objective of expanding in Spain.

Admira (Telefonica Media) had intended to acquire a 60% stake in the company in 2001 but cancelled the deal later in the year. Instead, Admira signed a $50m cooperation agreement under which Manga would provide and distribute films for Telefonica's media unit, between 2002 and 2006.

Manga Films posted a $41.5m turnover and a $1.27m profit for 2001.