PRAGUE, Nov 18 (Reuters) - Orco Property Group's <ORCOsp.PR>
<ORCO.PA> chief executive said on Tuesday his investment vehicle
Ott & Co. had reduced its stake in the property developer to 1.6
percent from around 10 percent.
Jean-Francois Ott said in an emailed statement that the bank
that financed Ott & Co. had to sell Orco shares after a steep
fall in the property group's shares. Orco shares have lost 90
percent since the start of the year.
"As President & CEO of Orco Property Group, this decline in
my personal stake does not take anything away from my confidence
in and dedication to Orco Property Group," Ott said.
(Reporting by Jason Hovet, editing by Will Waterman)
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