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The shareholders of Sparky Eltos AD will discuss and vote on a proposal to release the members of the Supervisory Board of the company. This will be the ordinary general badembly scheduled for July 25th. Currently, the Supervisory Board of the company consists of: Stanislav Petkov, Doyno Georgiev Petrovsky and Evgeni Yordanov Mihaylov
This is clear from the other two elements of the line proposed by the shareholder SPARKY GROUP AD, majority of the factory. Since the last capital increase, the share of the shareholder has increased from 69.46% to 87.22% of the capital. The owners of the group are Stanislav Petkov and Petar Buburkov – Chairman of the Board of Directors and Executive Director (50% stake)
The second additional post provides for the election of a new Supervisory Board for a new five-year term. There are no names and other details and reasons for this proposal in the documents appended to the agenda of the General Assembly
The Agenda for the Year 39, adoption of the individual and consolidated reports of the Management Board on the Company's activity and the financial statements for the last two years. However, the proposed decision means that this will not happen due to the lack of audit certificates and reports from the auditor.
In recent years, Sparky Eltos has suffered from the crisis of international markets and the collapse of the construction sector. reflects the demand for power tools produced by the company. The company has built a production line for a new range of rechargeable power tools with lithium-ion batteries with a bank loan of 10 million euros. However, it has not been able to take advantage of the favorable trends in the industry that have shown that the market share of wireless Li-ion tools has increased since 2010.
The sales of L-Ion. Hunters factory continue to decline and the lower costs do not help much to improve the financial situation of Sparky Eltos. The company is the only manufacturer of power tools in Bulgaria. The product structure of the factory covers about 100 kinds of professional power tools. After the crisis, its markets have declined considerably. As a bad signal, we can badume that the cost of materials decreases, which means that there are fewer orders from customers. But overall, total operating expenses are decreasing due to lower carrying values of badets sold starting in 2017 as well as higher accumulation of production and unfinished production. But the burden of interest on the bank loans that the company pays continues to grow.
Due to poor performance in recent years, the company has accumulated a loss of BGN 37.835 billion. The liquidity of the company, i. its ability to fulfill its obligations is questionable and alarming
Most likely, the proposed measures are part of a plan to improve this situation and save Sparky Eltos.
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