Банкеръ Weekly

Briefs

CHANGE OF DESPRED MANAGEMENT BODY

State Gazette has not yet published the changes, made by Despred shareholders in the company's Board of Directors. On January 31, 2001 the General Assembly elected Stoyan Petrov Indjev as Executive Director of Despred - the company, privatized in December, 2000. The 29-year old manager replaced Dimitar Nestorov, appointed as Executive Director of the company three and a half years ago by Vilhelm Kraus, the former Minister of Transport. Indjev was also elected as member of the new 3-member Board of Directors. Galina Dimitrova Kovacheva - Petrova, 33-years old, was elected as Chairman of the Board. Eugenia Georgieva Prodanova, 48-years old, was the third newly elected member of the Board.
Surprisingly for a number of shareholders, the General Assembly released Gergana Stoichkova Lyungova, 27-year old Procurist, appointed by the new major owner of the company - Spedcom AG, registered in Zurich in 1998. Since mid December, 2000 when the privatisation deal for acquiring 60% of Despred was signed, Lyungova was the confidant of the buyer. (For more details, please refer to the Banker weekly, issue 49 of December 9, 2000).
Spedcom AG paid BGL15,098,889.15 for 60% of Despred. According to some experts the price offered and paid exceeds about two times the real worth of the company. The reason is that only the shell of the former forwarding giant has remained, on top of which is a jewel - the building of the company's headquarters at 2, Slavianska St. Rumours went that the buyer paid this high price just for acquiring the building and turning it into a bank's headquarters. Even if that is true, according to Despred employees, it will be difficult to happen. At least for the fact that the building constructed between 1908 - 1914 is considered a monument of architecture. That means that it is subject to restrictions for considerable changes of the facade.

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