Finnish investment in YIT Uralstroy delayed

19 February 2010 (11:09)

YIT, the Finnish investment and construction concern, decided to raise the authorized capital of its daughter enterprise YIT Uralstroy in Yekaterinburg. The additional issue of the company’s ordinary shares worth 921.5 million RUR has already been registered.

YIT Uralstroy’s GD Fedor Voropayev reports the increase was supposed to have occurred a year ago, but was postponed because of the recession.

According to the company’s official data, YIT sold 2,610 apartments in Russia last year, which was 6% less than in 2008. The number of the apartments that have just been started dropped by 81% and the number of those under construction declined by 50%. The sales of these half-finished dwellings plunged by 42% in the yea 2009 compared with the year earlier.

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