24 May 2010 09:43
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NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR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 ("The Group" or "PIK")
PIK GROUP INFORMS OF THE START OF USING
THE RUB12.75BN SBERBANK CREDIT FACILITY.
(LONDON, May 24 2010) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, today informs of the start of using the Sberbank credit line in the total amount of RUB12.75bn.
The credit facility, allocated to PIK Group by Sberbank of Russia, is channeled to finance the company's current and perspective development projects.
Pavel Poselenov, CEO of PIK Group comments:
"The access to financing sources in the post global economic crisis environment is a competitive advantage of PIK Group, which will make the best use of it to improve efficiency. Therefore, PIK Group is granted an additional source to finance development projects, primarily, in the Moscow Metropolitan Area, and execute them within the shortest possible period of time."
Enquiries:
Investors
PIK Group Tel: +7 495 505 97 33 ext. 1358
Viktor Szalkay
Head of Investor Relations
International media
Citigate Dewe Rogerson Tel: +44 20 7638 9571
Tom Baldock
Lindsay Noton
Russian media
Dmitry Ivliev Tel: +7 495 505 97 33 ext. 1028