3rd Apr 2009 09:29
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA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 Group mandates Sberbank for restructuring the debt portfolio
(LONDON, 3 April 2009) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, today announces that it has exclusively mandated "Sberbank Capital", an investment arm of Sberbank, for restructuring the Company's debt portfolio.
As per management accounts on 03 April 2009 total debt amounted to approximately
RR 44.8 billion. Major creditors to PIK Group include Sberbank, Vnesheconombank (VEB), VTB, Rosbank, Absolutbank and Promsvyzbank.
Enquiries:
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Investors |
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PIK Group |
Tel: +7 495 505 97 33 ext. 1358 |
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Viktor Szalkay |
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Media |
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PIK Group |
Tel: +7 495 505 97 33 |
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Natalia Konovalova |
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Citigate Dewe Rogerson |
Tel: +44 20 7638 9571 |
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Tom Baldock |
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Lindsay Noton |
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PIK. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. PIK does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in PIK's projections or forward-looking statements, including, among others, general economic conditions, PIK's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to PIK and its operations.
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NOTES TO EDITORS
PIK Group Overview
Founded in 1994, PIK is one of the leading Russian residential developers. Its business activities are concentrated in Moscow and the Moscow region and PIK`s rapidly develops projects in other 10 Russia's regions. Its principal activity is the development, construction and sale of residential properties in large scale developments targeted primarily at the middle income housing market in Russia.
Since 2004 PIK has built more than 4 million and 800 thousand square metres of residential properties (more than 58 000 apartments) in Russia, including more that 1,5 million square metres (more than 23 000 apartments) in 2007 and more that 800 thousand square metres (more than 12 000 apartments) in 2008.
June 1, 2007, the Group completed successful listings on the London Stock Exchange, the RTS and MICEX exchanges in Russia.
PIK Group's website address is: www.pik.ru
Related Shares:
PIK.L