MICHANIKI S.A. submits an official application for the highest contracting certificate
Furthermore, the next coming days MICHANIKI S.A. will submit an additional application for a second, 6th grade contracting certificate through its 100 percent subsidiary THOLOS S.A.
These two certificates will allow the Company to undertake public works with an initial budget of ? 8.8 million and no upper limit.
The Greek Ministry of Public Works should award the new certificates within a three month period from the day of the application.
MICHANIKI Group of Companies had completed the merger procedure for the 7th grade certificate since the June 27, 2002 and the one for the 6th class certificate August 12 2002, while the deadline for the submission of the applications is at the end of September 2002.
The company's fundamental principle is to grow stronger while it remains independent. According to this strategy the company proceeded to fully acquire nine other construction companies with the objective to remain one of the leading groups in the construction sector in Greece.
The two highest contracting certificates are expected to represent around 60 to 70 percent of the total construction activity in Greece for the next coming years. This will have substantial benefits in terms of both the company's backlog of projects and the Group's financial situation.
MICHANIKI Group of Companies has the necessary technical expertise, proper and adequate capital structure and sound credit standing and now will also meet the typical requirements to take part in tenders for large public works in Greece.
Some of the largest construction projects in Greece's modern history are expected to be awarded soon as part of the 3rd European Community Support Framework and the 2004 Athens Olympic Games.
MICHANIKI's aim is also to further expand its international activities and presence in the Balkan countries and East Europe.