Orco Property Group issued €59.2m in shares this week from its reserve capital. The shares will be listed on the NYSE, Euronext Paris and the Warsaw Stock Exchange. Orco’s supervisory board approved the move in May. No further details were disclosed.
The Luxembourg-based OPG changed hands last year, with the Czech businessman Radovan Vitek taking over the company at a significant discount as it was facing serious liquidity problems. Orco posted a net loss of €63m in the first half of this year. Its revenues fell 54 percent y-o-y to €16.8m from €36.6m in H1 2014. The half-year results do not include the sale of the Złota 44 project in Warsaw, which was announced earlier this week. Amstar and BBI Development bought the project, which is currently under construction, for €63m. Orco delisted from the Prague Stock Exchange in September.
