The board of Atia Group Ltd. (LSE: ASTI; TASE: ATIA) has decided to seek troubled properties in the US and Eastern Europe for acquisition.
In Eastern Europe, Atia Group will seek financially troubled projects under development that are owned by Israeli and foreign companies. The company will try to complete development of the projects. In the US, Atia Group will set up a subsidiary in the US which will seek distressed properties for purchasing.
Atia Group's board also approved submitting a $25 million bid for a lot in San Diego. The lot is owned by a company that is in liquidation proceedings by the court.
Atia Group's activity is focused on Croatia, where it is building the planned community of Samobor Gardens in Zagreb, and in Los Angeles, where it builds residences.
Atia's share was unchanged in London at ₤0.65. The share rose 10.5% on the TASE to NIS 0.74.
Published by Globes [online], Israel business news - www.globes-online.com - on October 21, 2009
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