The position remained vacant after Israeli Elyakim Davidai had forgone his mandate, citing personal reasons.
The mandate of Constantin Farmache, former director of the Bucharest Stock Exchange, is valid until October 5, 2019.
Following this decision, the Executive Board members of Sphera Group are Bairaktaris Stylianos, Hilton Mark Nicholas, Carmaciu Silviu-Gabriel, Osiac Cristian, Nasta Ion Marius, Farmache Stere Constantin and Mitzalis Konstantinos.
Shareholders also approved the level of remunerations for administrators for 2018 financial year, in the amount of a net EUR2,000 per month per member and a net EUR300 per member per assembly as an additional remuneration for the Executive Board members who are also members of consultative committees.
During the same general assembly, of April 26, shareholders rejected a proposition to reduce the company’s share capital by RON56 million, from RON581.99 million to RON525.73 million, by cutting the nominal value of a share from RON15 to RON13.5500.
Instead, they approved a decision to cover the loss amassed in 2017, in the amount of RON10.19 million, by reducing the share capital to RON571 million, which is carried out by cutting the nominal value of shares to RON14.7372.
Sphera Group reported sales of RON573 million in 2017, up 37% on the year, and a net profit of RON31 million, down 36% on the year, according to preliminary results. The increase in revenue was mainly due to a 17.7% increase in sales posted by KFC restaurants which contributed 17.4% to the company’s turnover, and also due to higher sales posted by Pizza Hut restaurants starting June 2017, which contributed 15.9% to an increase in consolidated sales.