Czarnecki sells his stake in LC Corp

The majority shareholder of WSE-listed real estate developer LC Corp, Leszek Czarnecki, together with units controlled by him sold a 51.7 percent stake in the company, the company said in a market filing. After the sale, Czarnecki has no stake in LC Corp. Last week, the consortium set the sale price of the shares at PLN 2.1 apiece, which would value the transaction at PLN 480 million. The sale went through on September 15. No buyers were named, however investment fund Quercus TFI announced that it increased its share in LC Corp to 6.93 percent from the initial 1.87 percent.