Changes in the Board of Arricano Real Estate plc

Yarema Kovaliv, Non-Executive Director and Member of the Board of  Arricano Real Estate plc (Cyprus), leaves the company. Mr Kovaliv’s resignation was caused by his desire to work with the public service. By decree No. 308 of the Cabinet of Ministers dated April 08, 2015, Yarema Kovaliv was appointed Head of the State Fisheries Agency of Ukraine. 

Hillar Teder, the majority shareholder of Arricano Real Estate plc: “Yarema Kovaliv is an effective manager who has worked at key positions with Arricano for quite a period. During this time, due to his competence and commitment he has lived up to the expectations staked on him. I am very happy that Yarema is appointed at a government position where he will have the opportunity to personally contribute to the country’s recovery.”

Yarema Kovaliv: “I have given more than 5 years to Arricano and I highly appreciate the company and its team for the vast experience that I have gained.  Notwithstanding that real estate and agricultural sectors are not related at the first sight, they have problems common for our country. Today, I have made a conscious choice and I am ready to leave the business in order to dedicate myself to work for Ukraine’s future.

I intend to involve a wide range of experts to reforming the sector, such as: market players, public organisations and funds, and independent international consultants. An open dialogue will enable us effectively identify key goals and tasks, and find ways to achieve them.”

Yarema Kovaliv will start his job at the State Fisheries Agency of Ukraine soon. His work at the new position will not be connected with Arricano Real Estate business interests. The company will be engaged in the development and management of real estate in Ukraine, as it has before. 

Mikhail Merkulov, Chief Executive Officer, will join the  Board of Arricano Real Estate  from April 16, 2015.  Mr. Merkulov will combine his work as Chief Executive Officer of the company and Executive Director of the Board of Directors.

Mikhail Merkulov, Chief Executive Officer of Arricano Real Estate and Executive Director of the Board  of Arricano Real Estate plc: “I would like to express my gratitude to company shareholders for trusting me. The powers of the Executive Director in the Board of Directors will allow increase efficient management control of the company’s activities both in its strategic development and in the process of daily decision-making. Arricano’s development vector has not changed: we plan to become the most successful and effective developers of shopping malls in Ukraine”.