Reuters informed about possibility that Orco
will raise more capital than initially intended. Accor
ding to Erzsebet Galambos, Orco
’s representative in Hungary, capital increase could be conducted at two equal tranches of EUR 100m for Warsaw and Budapest.
For the moment there have been only talks about capital increase of EUR 100m at the event of dual listing in Warsaw and Budapest. As Orco
plans to strengthened equity and use proceeds for further regional expansion we see this option of EUR 200m as possible. However it could create more short-time pressure on the stock as new capital increase could lead to some 18% increase in number of shares. We reiterate our view that company will be able to use the proceeds in accretive way