Echo Investment to increase free float

WSE-listed real estate developer Echo Investment wants to increase the number of shares in free float and plans a private placement offer to institutional shareholders. At the same time, the company doesn’t plan on raising its capital. “The company, along with its majority shareholder, is considering increasing the number of shares in the free float on the regulated market run by the Warsaw Stock Exchange through an offer not subject to the obligation to draw up a tender document addressed to institutional investors in order to improve the liquidity of the company's shares for all shareholders and further diversification of the company's shareholding structure,” Echo said in a market filing. Echo Partners controls a 66 percent stake in the company.