Arco Falls to Lowest Level in Two Years After Report on Capital
Arco Vara AS (ARC1T), an Estonian property developer, fell to the lowest level in almost two years after a newspaper report that its main owners have discussed a capital increase.
The stock fell as much as 7.8 percent in trading in the capital Tallinn to the lowest level since December 2009. It traded 7.6 percent lower at 2.61 euros at 11:55 a.m. Arco has shed 53 percent this year, compared with a 12 percent decline for its eastern European real estate peers, according to Bloomberg data.
Arco’s main owners have “recently” discussed a capital increase, Aeripaeev reported today, citing an interview with Richard Tomingas, the company’s chairman. There is a “constant concern” about cash, Tomingas was cited in the newspaper as saying.
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