The management of Ingra proposes to the general assembly, convened for July 22, to elect Stjepan Mesić, the former President of the Republic of Croatia, as a member of the Supervisory Board of the company, according to the invitation to the general assembly of Ingra published on the Zagreb Stock Exchange.
Ingra explains this proposal by Mesić’s commitment to export as a vital component of the Croatian economy, which he demonstrated during his political career, as well as his experience, connections, and knowledge of the conditions in Ingra’s export markets. The company’s management proposes that the loss of Ingra for the year 2009, which amounts to 82.7 million kuna after taxation, be covered with 39.6 million kuna from retained earnings and 43.1 million kuna from other reserves. Ingra began restructuring at all levels in the middle of last year, and the company states that fixed costs and the number of organizational units, as well as the number of employees, have been reduced by 25 percent, with most being allowed to retire. The management of Ingra expects the company’s operations to stabilize in the second half of this year, which should be significantly contributed to by the continuation of financial restructuring, within which Ingra intends to raise a syndicated loan. This loan should enable Ingra to settle all short-term and part of long-term obligations and replace them with a single financial instrument. The guarantee for the loan repayment would be Ingra’s projects in Croatia and abroad, as well as the income from the rental of Arena Zagreb. (H)
