Vovos looks for green compromise
The Babis Vovos construction firm said yesterday it will work to reach an agreement with the government on its Votanikos project to build a soccer stadium and mall in central Athens. The Council of State, the country’s highest administrative court, confirmed a halt on the construction on the shopping mall section of Vovos’s project in Votanikos, citing insufficient green space as the reason, the company said in a bourse filing. «Our company is ready to cooperate with all parties – as well as defend by any legal means the rights of its shareholders and its employees,» it said. Vovos will build a «common-use green area» on one of its building plots to help resolve the issue, the company added. The Environment Ministry is expected to make an announcement on the issue on Monday. Analysts said there is no guarantee the project will be completed and warned of further delays to what is Vovos’s biggest project. Shares in Vovos advanced 3.14 percent yesterday to 4.93 euros, versus a 2.82 percent rise on the broader market.
