Czech real estate investor Vitek strengthens influence in Orco's board. [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Czech real estate investor Radovan Vitek, the largest shareholder at Orco Property Group, strengthened his influence at the company's board after a vote that ousted representatives of two US funds. Orco's shareholders meeting, held at Vitek's request, voted to reduce the number of board members to five from nine leaving out representatives of Alchemy Special Opportunities and Kingstown Capital, which are the second and third-largest shareholders with a combined stake of 23.5%. The new board members of Orco's board are Vitek, his representative, founder and CEO Jean-Francois Ott and two independents, Orco said in a statement on its website.
Vitek has been fighting for influence in Orco with foreign investors for over a year. He controls a stake of some 31% in the property developer. The group operates mainly in Prague, Berlin, Warsaw and Budapest. It made a net loss of EUR 40mn in 2012 and widened it to EUR 142mn in the first nine months of 2013.
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