22nd Jan 2010 10:27
The following amendments have been made to the 'PIK Group Announces New Project' announcement released on 21 January 2010 at 14:15 under RNS No 9341F.
Paragraph 2: The approximation of units is 4,000
Paragraph 3: Reference no is (DSK-2, DSK-3, 480 KZI)
All other details remain unchanged.
The full amended text is shown below.
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA
PIK GROUP ("PIK" or "the Company")
PIK commences construction on a mass market project for Ministry of Defence
(LONDON, 21 January 2010) - PIK (LSE: PIK), a leading Russian residential developer, is pleased to announce that it has entered into a new arrangement to provide housing for the Russian Ministry of Defence ('the Ministry') in the city of Podolsk (located in Moscow region).
PIK has started construction on approximately 265,000 square meters of residential mass market housing (equivalent to approx. 4,000 units) on a land plot provided by the Russian Ministry of Defence. Total expected size of the project is approximately 1,000,000 square meters of housing.
PIK acts as a subcontractor in the project. This contract provides PIK with stable cash flows from Federal Budget and increases capacity utilisation of PIK owned production facilities (DSK-2, DSK-3, 480 KZI).
Enquiries:
|
PIK Group Viktor Szalkay Head of Investor Relations |
Tel: +7 495 505 97 33 ext. 1358 |
|
Citigate Dewe Rogerson Tom Baldock Lindsay Noton |
Tel: +44 20 7638 9571 |
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