On August 15, 2006, YIT Construction Ltd signed an agreement that will increase YIT's holding in the Moscow-region housing developer ZAO YIT Moskovia to over 80 per cent. YIT's current stake in the company is 51 per cent. The agreement must be approved by the Russian competition authorities before it enters into force.
YIT aims to step up housing construction in Russia. ZAO YIT Moskovia builds housing in Moscow and its surrounding cities. At the end of June 2006, YIT had a total of over 6,000 residential units under construction in Russia, about half of which were located in YIT Moskovia's business territory. YIT has estimated that it will start up the construction of over 2,500 residential units in Russia this year.
For additional information, contact:
Timo Lehmus, Head of international operations, YIT Construction Ltd, tel. +358 20 433 2474 Sakari Toikkanen, Executive Vice President, YIT Corporation, tel. +358 20 433 2336 Petra Thorén, Vice President, Investor Relations, YIT Corporation, tel. +358 20 433 2635
Veikko Myllyperkiö Vice President, Corporate Communications