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Plaza Centers places shares with Polish institutions
Emerging markets developer Plaza Centers has placed all remaining 14.5m ordinary shares held in treasury with a number of Polish institutions at PLN6.5 each to raise about £20.5m for a gross economic gain of £12.8m. Simultaneously, Plaza's majority shareholder, Israeli company Elbit Imaging, sold to Polish institutional investors 4.8m shares at PLN6.5, cutting its indirect stake to 68.3% of Plaza. CEO Ran Shtarkman said Plaza has seen strong interest from Polish institutional investors since its October 2007 Warsaw listing and was happy to diversify its investor base.