Nordic Business Report-August 16, 2006-YIT Corporation increases stake in Russian housing developer
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Finnish construction company YIT Corporation said on Wednesday (16 August) that its subsidiary YIT Construction Ltd had signed an agreement that will increase YIT's holding in the Moscow-region housing developer ZAO YIT Moskovia to over 80%.
YIT's current stake in the company is 51%.
The agreement must be approved by the Russian competition authorities before it enters into force.
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