Orco Property Group SA, a real estate developer that operates in central and eastern Europe, plans to sell shares in Hungary and Poland in the first half of next year.
Luxembourg-based Orco has started the procedure of registering its shares to trade on the Budapest Stock Exchange (BÉT) and on the Warsaw bourse, it said in an e-mailed statement today.
“These listings will provide Orco with opportunities to increase its equity and improve its internal ratios,” the company said in the statement. Orco has focused on Central and Eastern Europe since it entered the region in 1991 to benefit from booming property prices after the fall of communism there. It has properties in the Czech Republic, Budapest, Moscow, Berlin, Warsaw, Bratislava and on Hvar Island in Croatia.
Orco Senior Vice President Ales Vobruba said in an August 25 interview that the developer may sell shares in Poland and Hungary as early as next year. The company's stock trades in Prague and Paris. (Bloomberg)