Nov. 14 (Bloomberg) -- AB Panevezio Statybos Trestas, Lithuania’s largest publicly traded construction company, rose from a three-year low after gaining a municipal approval for an urban renewal project in central Vilnius.
The shares rose 3.7 percent to 0.944 euros on the Nasdaq OMX Vilnius exchange. Volume of 8,275 shares was just above the three-month daily average, according to data compiled by Bloomberg.
Vilnius city council approved preliminary plans for an urban renewal project to build 65,000 square meters of residential and commercial floorspace by 2018, the company’s real-estate development unit said late yesterday on its website. The initiative, which the government is expected to finance, will begin in and around the territory of a former factory now in the possession of a related company, it said.
Before today, PST shares had lost 12.5 percent of their value since the end of parliamentary elections on Oct. 28. The Social Democrat party, which won the election and will probably lead a new coalition government, is opposed to a nuclear plant project in which PST was expected to participate, SEB Bankas Senior Broker Arvydas Jacikevicius said, as quoted today in Verslo Zinios newspaper.
PST has projects in Lithuania, Russia, Scandinavia and the U.K., according to its website. Its shareholders include funds managed by Legg Mason, which owns 5.73 percent, and Eaton Vance Management, with 1.98 percent, according to data compiled by Bloomberg. Lithuanian road and railway builder AB Panevezio Keliai held 49.78 percent of shares at the end of 2011.
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