21st Jan 2010 14:15
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA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. 4,010 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, 100 KZI).
Enquiries:
PIK Group Tel: +7 495 505 97 33 ext. 1358
Viktor Szalkay
Head of Investor Relations
Citigate Dewe Rogerson Tel: +44 20 7638 9571
Tom Baldock
Lindsay Noton
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