The management of Babis Vovos - International Construction S.A. is pleased that the plan for the legislative amendment for the Joint Regeneration of Votanikos- Alexandras Avenue was posted on the internet for consultation. Since this means that upon completion of this process on December 6, the amendment will be forwarded directly to the Parliament to be voted, which should be done by Christmas.
Following that, a presidential decree will be issued, that will shield the law, moreover a new building permit will be issued allowing for the completion of the construction of the shopping center, which according to management's estimates, will be completed by the end of next year in order for the shopping mall to begin operating in early 2012.
Financing for the remaining construction costs will be covered either by extending the existing syndicated loan for the project, which has covered almost 100% of the land acquisition and construction cost to date, or by selling part or the whole of the project, since foreign investors have expressed interest in it, subject to the Joint Regeneration law being reactivated.