Urmas Somelar was appointed as Independent Non-Executive Director of Arricano
On September 27, 2018, changes were introduced to the Board of Directors of Arricano Real Estate Plc: Mr. Urmas Somelar was appointed as Independent Non-Executive Director.
“I am very glad to accept a new challenge and continue the work that my predecessors raised to a high level”, — said Mr. Somelar. — “I hope that we will develop our cooperation with the company’s top management and find new ways for the company’s operations efficiency improvement”.
Urmas Somelar currently acts as the management consultant, working through the US Juhtimise, his private company in Estonia. Previously, Urmas worked for over 20 years in banking, mainly in the credit and credit risk areas. He has extensive knowledge in credit analysis, corporate restructuring and repossessed asset turnaround. Between 2009 and 2015, Urmas built up and led various units within the Swedbank Group operating in the Baltics as well as Russia and Ukraine. Between 2015 and 2017, Urmas served as the CEO at Riigi Kinnisvara, an Estonian state real estate property and facility management company, which owns and manages more than 1.2 million sq. m. of office and specialized property.
Mykhailo Merkulov, the CEO of Arricano, said: “We expect that, by using his significant banking experience, Urmas will help Arricano increasing its efforts in attracting additional financial resources needed for new projects, for rapid development, and will also contribute to the company's expansion strategy at the international level, so that Arricano, as an investment platform in Ukraine, was more attractive to foreign investors”.
Arricano CEO has also thanked Philip Scales, who had previously worked for the Board as Independent Non-Executive Director for his contribution to the company, which he made for more than 5 years: “We are very grateful to Philip for his great contribution to the development and establishment of Arricano, who has worked as Independent Non-Executive Director — for his support, wisdom, example of the highest professionalism in all processes, highly accurate recommendations and timely right questions. We were quite lucky that Philip has worked with us for these 5 years”.