Czech property developer ECM Real Estate Investments expects to raise at least EUR 88 mln through an initial public offering (IPO) to finance expansion in Russia and in its home market. ECM is intends offer 1.275 million new shares along with 315,000 existing shares priced at a maximum of EUR 55 each, the company said in a briefing in Prague.
Czech property developer ECM Real Estate Investments expects to raise at least EUR 88 mln through an initial public offering (IPO) to finance expansion in Russia and in its home market. ECM is intends offer 1.275 million new shares along with 315,000 existing shares priced at a maximum of EUR 55 each, the company said in a briefing in Prague.
ECM was founded by Milan Janku, Peter Fellegi and Karl Hauptmann in 1991. Initially it worked on modest projects, but before the end of the decade it began an ambitious development project in Prague and later moved into the Russia n market. The company reported net profit of EUR 20.7 mln in 2005. Its profit for the first half of 2006 rose to EUR 16.6 mln compared with EUR 11.6 mln the year in the same period last year.
ECM and its subsidiary ECM Office Liben reported on November 28 that it had won the privately-organized tender for the acquisition and subsequent leasing of the CCS headquarters in Prague. CCS is a supplier of hardware and software for card technologies in the Czech market. Its modern administration building provides 5,000m2 of office space. The total investment by the ECM Group is EUR 9,1 mln. CCS is leasing 99.5% of the building for seven years and the contract was signed by both sides on November 23, 2006, ECM said.