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Crestline, Gamala Buy 21% Stake in Orco, Become Main Shareholder

Oct. 19 (Bloomberg) -- Crestline Ventures Corp. and Gamala Ltd. said they acquired a 20.7 percent stake in Orco Property Group SA, becoming the developer’s largest shareholder.

Crestline and Gamala may consider acquiring additional stake on the market depending on the price, the Cyprus-based Gamala and the British Virgin Islands-registered Crestline said in a BusinessWire statement today. The two companies will seek representation on the board of directors, the statement said.

The purchase reflects the “confidence” in Orco’s growth strategy and the new shareholders will work alongside the current management team on Orco’s development plan and investment projects, the statement said.

Czech billionaire Radovan Vitek, who owns Czech Property Investments AS, a real estate company, is behind the purchases, Hospodarske Noviny reported earlier today.

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 editors responsible for this story: Andrea Dudik at adudikova@bloomberg.net; James M. Gomez at jagomez@bloomberg.net

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