Developer Radovan Vitek has reportedly taken control of 21% of Orco through two offshore companies, Crestline Ventures and Gamala of Cyprus and the British Virgin Islands. Vitek is now the largest single shareholder and reportedly wants to take complete control. Orco’s shares have risen sharply, also perhaps because of the effort to acquire shares for Vitek.
The company said German banks confirmed willingness to refinance its outstanding loan of 284.5 mln. EUR due this year. Closing of the deal is expected in December. Once the deal is completed the next debt maturity is in 2018, which could be POSITIVE for the stock.