The executive director of the investment fund Equest Investments Balkans Limited, Georgi Krumov, left his position on November 3, the fund has announced. The reasons for the decision have not been disclosed. The fund has terminated its current agreement with Krumov and is presently in negotiations with him regarding his future role as a consultant to Equest. Krumov’s management functions would be performed by another executive director at the company, Kari Haataja.
Meanwhile, Equest which is currently in a process of selling a number of assets in Bulgaria, has announced that the sale of assets has been expanded. New fund assets have been included in the sales list. The objective is to improve the fund’s liquidity and to institute a stock repurchase program, the fund said.
“The market value of the fund’s stock has been seriously affected by the recent drop in the valuation of public companies and by the general concern about … the results of the companies operating in the Balkans,” the fund’s press office added.
Equest announced that Novera, the company which owns controlling stakes in the garbage collection firms in Sofia and which was acquired by Equest last year, has continued to “disappoint” with its financial results. The fund tried to obtain higher payments for Novera services from the municipality of Sofia but negotiations with the municipality failed to bring results. Consequently, Novera has registered a loss and has been unable to service its debt, Equest announced. The company is currently in negotiations with its creditors aimed at restructuring its debt. |
