The Board of Directors of the companies - shareholders of Michaniki Russia has taken the unanimous decision to increase the share capital of the subsidiary company Michaniki Russia by 10 million euros. The increase of the share capital will be covered as follows:
1. Michaniki S.A. 6,00 in euro millions, 60 %.
2. Balkan Export S.A. 2,50 in euro millions, 25 %.
3. Hellenic Pipeworks S.A. 1,00 in euro millions, 10 %.
4. Marmara Kavalas S.A. 0,50 in euro millions, 5 %.
Total: 10,00 in euro millions.
After the implementation of the aforementioned decision, the share capital of Michaniki Russia will amount to euro 40.000.000.
The latest increase of the share capital is essential due to the acquisition of a new land plot in the southern outskirts of Moscow. This specific land plot is of total area of 700.000 sq.m. and is situated on the fifth ring-road of Moscow close to the intersection of the future ring-road highway which has been designed to be constructed in order to relief the traffic congestion of the existing ring-road. The location of the land plot is considered excellent from an ecological perspective and is surrounded by a wood forest of unique natural beauty.
The initial architectural plans have the provision of the construction of an autonomous modern residential area of more than 700.000 sq.m. including a commercial shopping center, schools, kindergarten, church, health center, sport facilities and parks.
The residential area will be designed to cover the needs of the dynamically increasing middle wage class, which is looking for more spacious residencies to ecologically healthy areas that are easily accessible from central Moscow.