Michaniki''s management has decided to establish a subsidiary company in Egypt named Michaniki Egypt, headquartered in Cairo.
The new entity will pursue its involvement and participation in construction and development of real estate projects (residential and commercial complexes, hotels and entertainment parks, office buildings) and in the construction of public and private works. Moreover, the company will promote the sale of industrial products of its affiliated companies in Greece.
The initial share capital of the company has been set to 7.000.000 million euros and will be covered as follows:
1. Michaniki S.A. 4,90 in euro millions, 70 %
2. Balkan Export S.A. 1,75 in euro millions, 25 %
3. Hellenic Pipeworks S.A. 0,35 in euro millions, 5 %
Total: 7,00 in euro millions. vThe establishment of the subsidiary company is already taking place and the company is seeking for land plots for purchase and development.