In reply to letter # 311 / 24.01.2008 sent by Greece's Capital Market Commission regarding financial Press reports dated 23.01.2008, according to which J&P-AVAX SA participates in a consortium declared preferred bidder for a large concession-based road work in Cyprus, J&P-AVAX SA issues the following comments:
-J&P-AVAX SA participated in the tender for the concession of the Paphos-Polis highway in Cyprus through the Kinyras consortium, in which it holds a 22.5% equity stake.
-On 24.01.2008, Kinyras received a letter from Cyprus Ministry of Communication & Works stating it was appointed Preferred Bidder on a Preliminary Basis following the evaluation of bids.
-The procedure for declaring Kinyras the Preferred Bidder will be concluded following negotiations with the Ministry.
-The value of the contract, including the construction budget, maintenance cost and annual payments by the Republic of Cyprus to the concessionaire, will be decided through negotiations with the authorities.
We will duly inform the investment public and the market authorities on any changes in the afore-mentioned conditions.