MARMARA KAVALAS S.A.
is one of the largest and best-known
marble producers and exporters in Greece.

The Company

The B.O.D.

Share Capital

Exporting activities

Financial Data

Its share capital of 2,911,225 euros (992 million drachmas) is divided into 992,000 common registered shares with a par value of 2.93 euros each (1,000 drachmas). A repeat general shareholders meeting in December of 1999 decided to proceed with a 4.4 million euros (1.5 billion drachmas) rights issue. A total of 1,500,000 new common registered shares were issued at 2.93 euros (1,000 drachmas) each with existing shareholders waiving their rights to allow Michaniki S.A. to fully cover the capital increase. Following the rights issue, the company's share capital rose to 7,313,279 euros (2.492 billion drachmas) divided into 2,492,000 common registered shares with a par value of 2.93 euros each (1,000 drachmas).

A subsequent extraordinary general shareholders meeting in May of 2000 decided to further raise the company's share capital to 10,71,665 million euros (3.65 billion drachmas) divided into 3,650,000 common registered shares. Currently, after another capital increase approved by the general assembly of shareholders in April 2001, the company's share capital is 13,038,500 euros (4.442 billion drachmas) divided into 4,450,000 common registered shares, each with a par value of 2.93 euros (1,000 drachmas).

Today Michaniki S.A. is the company's main shareholder with a stake of 77.07%.

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MICHANIKI
Group of Companies