Griffin to call on Echo Investment shares

Lisla, a subsidiary controlled by Griffin and PIMCO equity fund, will call on Polish real estate developer Echo Investment's shares in July in order to increase its stake from 41.55 percent to 66 percent. Subscriptions will be held from July 14 until July 29. The price per share stands at PLN 6.75, there are 100.9 million shares offered, therefore the call is valued at nearly PLN 680 million. The transaction day is scheduled for August 6. Lisla said the subscription time may be exceeded by 70 days, in case it is needed for achieving the goal. The over 40 percent stake was owned by Polish billionaire Michał Sołowow.