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Czech ECM REI plans to issue new shares

Thu Nov 20, 2008 11:10am EST

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PRAGUE, Nov 20 (Reuters) - Czech developer ECM Real Estate Investments (ECMPsp.PR) (ECM REI) plans to issue new shares in a private placement to raise fresh capital, the company said on Thursday.

It will issue up to 2 million new shares in the fourth quarter, at a nominal value of 1.7 euros each, it said in a release.

Closely-held ECM Group, which has a 30 percent stake in the developer and launched a 303 crowns a share bid earlier this month, intends to take part in the placement, the company said.

(Reporting by Jana Mlcochova; editing by Elaine Hardcastle)



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