The company ELLINIKI TECHNODOMIKI TEB S.A. announces that its subsidiary company named AKTOR ATE signed on 06/08/2007 a Convention with the company 'TOURIST ENTERPRISES OF MESSINIA SOCIETE ANONYME' with the distinctive title 'T.E.MES S.A.' for the project 'Completion for the Operation of the Project NAVARINO RESORTS - NAVARINO DUNES DISTRICT OF COMPLETE TOURIST DEVELOPMENT OF MESSINIA (P.O.T.A. Messinias) (P.O.T.A. Romanos)' in the Municipalities of Gargalianos and Nestoras of the Prefecture of Messinia.
The budget of the Project stands at the amount of euro 276,756,000 (added VAT), includes three Investment Projects and a fourth discrete section described below:
a) A five star Hotel Unit of 769 beds & a Conventional Center of 1,175 seats, budget of euro 123,600,000 (added VAT).
b) A five star Hotel Unit of 1,114 beds & a Sea Therapy Center of a daily capacity of 200 people, budget of euro 128,000,000 (added VAT).
c) Construction of an18 hole GOLF Court of a daily capacity of 260 players, budget of euro 18,050,000 (added VAT).
and
d) Construction of other technical projects not included in the above Investment Projects, budget of euro 6,906,000 (added VAT).
The Project is expected to be submitted in full operation within 2009.