Pik Group announces board changes

AIM-listed Pik Group, one of Russia's leading residential real estate developers, has announced the appointment of Kirill Pisarev as Chairman of the Board of Directors with effect from 29 July 2009. Pisarev is one of the group's founding shareholders.

Pavel Poselenov has been nominated to will replace Pisarev on the Board as President and Chief Executive. Prior to this appointment Poselenov held the post of Vice President for Coordination of Activities, and earlier was responsible for Pik's operations in St. Petersburg.

Yury Zhukov, another of the group's founding shareholders, who previously held the post of Chairman of Board of Directors, has been appointed Deputy Chairman of the Board of Directors.

Pisarev's focus in his new position will be on strategy and development, while the group's existing management team will be responsible for operational activities.





Commenting on today's announcement, Kirill Pisarev, Chairman of Board of Directors said:




«The appointment of Mr. Poselenov is good for strategic continuity. He has a strong professional background, is fully involved in the operational processes of the Group and his appointment will help us navigate through this difficult period. We believe his appointment is positive for the business and all its stakeholders, including business partners, shareholders, investors and consumers."




Enquiries:

Investors



PIK Group
Tel: +7 495 505 97 33 ext. 1358

Viktor Szalkay








Media



PIK Group
Tel: +7 495 232 11 22

Natalia Konovalova







Citigate Dewe Rogerson
Tel: +44 20 7638 9571

Tom Baldock



Lindsay Noton










Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PIK. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. PIK does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in PIK's projections or forward-looking statements, including, among others, general economic conditions, PIK's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to PIK and its operations.




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NOTES TO EDITORS

PIK Group Overview

Founded in 1994, PIK is one of the leading vertically integrated residential developers with presence in over 20 cities across Russia. Its business activities are concentrated in Moscow and the Moscow region with an increasing footprint in many of Russia's other regions. Its principal activity is the development, construction and sale of residential properties in large scale developments targeted primarily at the middle income housing market in Russia.

Since January 1 2004, PIK has completed over 7.3 million square meters of residential housing, which is equivalent to approximately 122,000 residential units across Russia.

June 1, 2007, the Group completed successful listings on the London Stock Exchange, the RTS and MICEX exchanges in Russia.

PIK Group's website address is: www.pik.ru


This information is provided by RNS
The company news service from the London Stock Exchange

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