SUPERVISORS APPOINTED TO THE PAMPOROVO COMPANY
The Pamporovo tourist company controlled by EIBank replaced its one-tier management system with a two-tier one. The decision was made at the extraordinary meeting of shareholders, held on December 1. The newly-established Supervisory Board includes Dimitrina Zhelyazkova, Georgi Alexandrov, and Petya Slavcheva. The Board of Directors which included Roumen Genev, Sofia Tsankova, and Todor Kostov, was dismissed. The first task of the new supervisors will be to appoint members of a Management Board of Pamporovo, as well as to fix their remunerations.Dimitrina Zhelyazkova, member of the supervision, is a lawyer. Since May 21, 2003, she has been Chairwoman of the Management Board of the Kurdzhali-based Bentonit company, too.Georgi Alexandrov has gathered business experience since 1989 when he established his own company (Vicky ET), occupied in transportation services. In 1997, Mr. Alexandrov expanded his activities by trading in food and agricultural products through Beana and Alex Company. Two years later he created Sealing Shipping, a trade and transportation company. He has also run the Citadel 99 and Columb 21 companies.Petya Slavcheva, the third member of the Supervisory Board, is an accountant. She also has experience as a manager, sources from Pamporovo AD said.According to Sofia Tsankova, acting director of the tourist company, the changes in the management aim at providing faster and better control, as well as a more flexible decision-making process. Besides, the two-tier system is more suitable for a public company, Mrs. Tsankova added. The Pamporovo company is owner of the whole infrastructure and the railway station in the eponymous resort. The company also controls the chair lifts and two hotels, the Perelik and the Arfa.Pamporovo reported a BGN1.4MN loss for the first three quarters of 2003. A year earlier, its loss amounted to just BGN283,000.The Zurich-registered Tourist Invest company is Pamporovo's majority shareholder (holding a 60% stake). EIBank which actually controls the tourist company holds a 2.23% direct stake in it. The Ministry of Economy is still owner of 5.5% of Pamporovo's capital. This stake will be offered for sale on the stock exchange against compensatory instruments of payment.