BABIS VOVOS INTERNATIONAL TECHNICAL S.A.
DOUBLE REDEVELOPMENT PROJECT OF VOTANIKOS - ALEXANDRAS AVE.
The management of "Babis Vovos - International Construction SA" announces the following:
The legislation on "Maritime Strategy For the Protection and Management of the Marine Environment - harmonization with the directive 2008/56/EC of the European Parliament and its Council of the 17th of June 2008", which incorporates, as article 23, the amendment for the Double Redevelopment Project of Votanikos - Alexandras Ave. was voted in principle and article by the Parliament.
The provision of this article states that the Municipality of Athens will submit a draft presidential decree to the Ministry of the Environment, Energy, and Climate Change which the Ministry will then submit for approval to the Council of State. The amendment for the Double Redevelopment Project includes the construction of the company's mall with a coefficient of building of 1.2 in building block 45a.
We very much welcome this development as it constitutes the most substantial step towards completing the construction of the commercial center of BVIC at Votanikos and the promotion of the long awaited redevelopment of the areas of Votanikos and Alexandras Ave.
Additionally as noted in a relevant report by the Board of Directors, the proposal for the capital increase must be examined in the scheduled Annual General Meeting in connection to the above mentioned positive development in the voting of the regulation of the Double Redevelopment Project. This development allows for negotiation on a new basis with the company's creditor banks on both restructuring the existing short term debt of the company, and securing additional lines of finance.
Under the above developments, the capital increase is at the discretion of the General Assembly and will be considered in light of the circumstances that will have been shaped on the day of the meeting.
The legislation on "Maritime Strategy For the Protection and Management of the Marine Environment - harmonization with the directive 2008/56/EC of the European Parliament and its Council of the 17th of June 2008", which incorporates, as article 23, the amendment for the Double Redevelopment Project of Votanikos - Alexandras Ave. was voted in principle and article by the Parliament.
The provision of this article states that the Municipality of Athens will submit a draft presidential decree to the Ministry of the Environment, Energy, and Climate Change which the Ministry will then submit for approval to the Council of State. The amendment for the Double Redevelopment Project includes the construction of the company's mall with a coefficient of building of 1.2 in building block 45a.
We very much welcome this development as it constitutes the most substantial step towards completing the construction of the commercial center of BVIC at Votanikos and the promotion of the long awaited redevelopment of the areas of Votanikos and Alexandras Ave.
Additionally as noted in a relevant report by the Board of Directors, the proposal for the capital increase must be examined in the scheduled Annual General Meeting in connection to the above mentioned positive development in the voting of the regulation of the Double Redevelopment Project. This development allows for negotiation on a new basis with the company's creditor banks on both restructuring the existing short term debt of the company, and securing additional lines of finance.
Under the above developments, the capital increase is at the discretion of the General Assembly and will be considered in light of the circumstances that will have been shaped on the day of the meeting.