The Board of Directors of Michaniki S.A. and of its 100% subsidiary company Michaniki Real Estate S.A., decided to start the merger procedure by the parent company Michaniki S.A.. This merger will result to competitive advantages and significant economies of scale in the future activities of the new scheme, through the centralized administration and the transfer of assets of the absorbed company to Michaniki S.A..
Furthermore, the cash reserves of Michaniki Real Estate S.A. will be utilized for the investment projects that the Group is undertaking in Ukraine, Bulgaria, Russia, Egypt and Belarus.
The publication of the schedule of the merger proposal will follow.