Bloomberg News

Orco Rises as Crestline and Gamala Buy 21% Stake: Prague Mover

October 19, 2012

Orco Property Group SA (ORCO) touched its highest level in almost five months after Gamala Ltd. and Crestline Ventures Corp. acquired a 21 percent stake, becoming the developers’ largest shareholders.

Orco rose 2.7 koruna, or 3.7 percent, to 75.7 koruna as of 12 p.m. in Prague, the highest level since May 29.

Cyprus-based Gamala and the British Virgin Islands- registered Crestline said late yesterday in a BusinessWire statement that they may consider purchasing more shares depending on the market price. The new shareholders will seek representation on the company’s board of directors, they said in the statement.

Czech billionaire Radovan Vitek, who also owns Czech Property Investments AS, a real estate company, is behind the purchases, Hospodarske Noviny reported, citing a person familiar with the transaction.

Vitek declined to comment when asked by Bloomberg News today, according to a text message.

To contact the reporter on this story: Lenka Ponikelska in Prague at lponikelska1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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