The Annual General Assembly of Michaniki S.A. shareholders which took place on Friday, June 22 2007 at 14:00, at the company's headquarters, approved all topics listed in the agenda. The General Assembly of the Shareholders approved the proposition of the Board of Directors for a dividend payment of 0.14 Euro per share, both common and preferred. From June 26th, 2007, the Company's shares will be traded with no right to receive dividend. Eligible to receive dividend payment will be the company's shareholders at the end of the trading session as of June 25th 2007. The dividend payment starting date will be July 4th 2007, through the branch network of EFG Eurobank Ergasias S.A. The Chairman of the Board of Directors during the General Assembly of the Shareholders stated: During the current period, MICHANIKI is improving significantly its financial ratios and extends further its market share, ensuring sounder development conditions and direct benefits for its shareholders. MICHANIKI is focusing its attention on Construction Projects, and on Real Estate Development. In the construction sector, Michaniki S.A. and its subsidiary company Tholos S.A. from the beginning of the year have signed contracts for public and private works of the total amount of 200 million euros while the backlog of unexecuted works exceeds the amount of 600 million euros. Currently, the construction works from signed contracts are amounted at 900 million euros. Moreover, the company has submitted a tender offer for the Westbound Extension of Line 3 of Attiko Metro from Chaidari to Piraeus budgeted at 570 million euros. Michaniki is planning to strengthen its leading position in the construction sector by undertaking new public works. As far as concern its international presence, Michaniki through its local subsidiaries is implementing its real estate development program in Ukraine, Russia, Bulgaria and Egypt. More specifically:
Egypt:
The subsidiary company named Michaniki Egypt SAE is established and the company is taking the preliminary steps towards filling its applications to the Egyptian authorities for acquiring specific coastal land plots and is expecting the final verdicts from the authorities regarding these plots in a short period of time.
Bulgaria:
The acquisition of a land plot for residential development in German region, an outskirt of the Bulgarian capital, Sofia is under way. The initial pre-sale agreements for the purchase of 60,000 square meters are already signed and the acquisition of the total 71,000 square meters land plot will be completed in a short period of time. The plot is located in the hillside of Vitosa Mountain in an amphitheatrical spot just outside Sofia. Michaniki is planning to exploit this specific plot through the development of real estate residencies for middle and upper wage class buyers.
Ukraine:
During the next period of time the company is expecting to receive the construction permit of the large-scale residential project in Odessa coastal area. The construction works are expected to start on September. The pre-sales of Artemis Building complex are under way. Sixty-two apartments and one office have already being pre sold.
Russia:
The construction works for the "Alexander the Great" 157,190 square meters Building complex are expected to start soon. Moreover, the company is examining the most appropriate architectural proposal for the "Hellas" business and apartment complex, a project that will be constructed in a land plot of 700,000 square meters.
Additionally, Michaniki is negotiating the acquisition of a new land plot of 60,000 square meters situated in a bright-green location of Chimiki over Moskva River and is adjacent to MKAD Ring Road. The initial provisions for the land plot under acquisition are for the construction of six towers and one shopping center.
The next step of Michaniki's Group expansion program is the establishment of a subsidiary company in Belarus. The share capital of the new subsidiary company will be covered as follows: Michaniki S.A. 75%, Balkan Export S.A. 25%. 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 process of establishing the company is under way, and the company's headquartered in Minsk.