Arco Vara AS Announces Board Changes, Effective Oct 22, 2012
October 16, 2012 at 08:10 am EDT
Share
The supervisory board of Arco Vara AS has decided to recall the company's present member of the management board Lembit Tampere and to appoint Tarmo Sild as the group's new member of the management board. The powers of Tarmo Sild will take effect as of October 22, 2012. Lembit Tampere will step down from the management board of Arco Vara on the same day.
Lembit Tampere will be removed from all supervisory and management boards of the subsidiaries and associates of Arco Vara. Tarmo Sild has been assigned to stabilise, restructure and refinance Arco Vara group and to restore the group's profitability, particularly in the area of real estate development.
Arco Vara AS is an Estonia-based company active within the property industry. The Company focuses on the building construction, civil engineering, special engineering and real estate services. Its business consists of three segments: Development segment, which is engaged in the development of residential and commercial environments, as well as long-term investment in real estate; Service segment, which is involved in the real estate brokerage, valuation and management, and short-term investment in real estate, and Construction segment, which provides general and sub-contracting in the field of general construction, civil and environmental engineering, and construction supervision services. Arco Vara AS has numerous subsidiaries, including Arco Lozen EOOD, Acro Invest EOOD, and Acro Real Estate SIA. The Company operates in Estonia, Latvia and Bulgaria.
ARCO VARA 