Orco has announced that it has launched a Step-up Equity Subscription (PACEO) program to finance its development in the CEE region. The program allows Orco to gradually issue up to 1 million new shares over the next 24 months. New shares should be issued in one or more tranches while raising up to EUR 8m with each equity issue. The total amount of capital should depend on the actual financing needs and Orco’s share performance. All share subscriptions should be made at an issue price of 95% of the share price at the time of execution. Orco has hired SG CIB for the program. Note that Orco recently won the tender for Suncani Hvar, a network of Hotels, restaurants and real estate in Hvar, Croatia. According to Orco’s prospectus, the company expects total investment in the Suncani project of EUR 35m.