Jan 20, 2006. /Lesprom Network/. Greek construction company Michaniki increased its stake in local timber processing company Balkan Export from 37% to 40.8%, company's communication and investor relations manager George Vrachnis told Lesprom.ru. The value of the deal is not disclosed. The reason for acquisition was low price of the stake. Michaniki is Balkan Export shareholder since 1999. Balkan Export production is sold in Soloniki, Greece. Balkan Export also owns 25% in Michaniki Russia, Moscow-based real estate company, along with Michaniki and its affiliated companies Hellenic Pipeworks S.A. and Marmara Kavalas S.A. Michaniki pursues its involvement and participation in public construction projects in Russia, real estate development, as well the promotion and sale of industrial products of its affiliated companies in Greece (marble products, steel pipes, wood products etc). The company will continue to widen its presence in real estate development.