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Engel East Europe NV (KBE)

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Monday 18 January, 2010

Engel East Europe NV

Directorate Change

RNS Number : 6986F
Engel East Europe N.V.
18 January 2010

Engel East Europe N.V.

Change of Director

Engel East Europe N.V. ('Engel East Europe' or 'the Company'), the AIM-quoted Central and Eastern European ('CEE') residential property developer (EEE:LN), is pleased to announce the appointment of Avraham Nota as executive Chairman with effect from 1 February 2010Mr Nota replaces Mr Sam Salman, the current executive Chairman of Engel East Europe.

The appointment of Mr Nota is subject to shareholder approval. Accordingly the Company has posted to its shareholders notice of an EGM to be held on Monday, 1 February 2010 at 11.00 a.m. at the Company's registered office, at 204 Rapenburgerstraat, 1011MN Amsterdam. The EGM is being held in order to seek approval for the appointment of the new executive director of Engel. The notice for the EGM is available on the Company's website at

Avraham Nota will work alongside the current CFO and acting CEO, Samuel Hibel

Avraham Nota (aged 60) has over 35 years experience in senior positions in the Banking industry, Real Estate development, Private Equity and Investments in Real Estate. 

He graduated from the Hebrew University of Jerusalem with both a BA in Economics and International Affairs and an MBA in Business Management. 

Today Mr. Nota is an independent consultant in the fields of Investment Banking / International Real Estate. 

He most recently held a senior position with Quinlan Private, a leading international private equity investment fund that specialises in real estate, for which he has established new business and operations in the CEE. Prior to that he held the positions of:

  • CEO of AFI Europe N.V. - a leading development company spread over 8 countries in Western & Eastern Europe. Mr. Nota was responsible for Africa Israel's activities in Europe since 2000 and was the initiator of the restructuring and official opening of AFI Europe in 2005. 

  • Deputy Vice President of Business Development in Africa Israel Investment Ltd.

  • Deputy Managing Director of Mizrahi Bank Ltd. - one of Israel's top 5 commercial banks. 

  • Deputy Managing Director of major real estate developer in Israel. 

  • General Manager and CFO for a development company in South Africa - developing and building large scale projects including hotel, shopping center and residential projects.

  • General Secretary in Tefahot Bank - Israel's biggest mortgage bank.

Mr Shaya Boymelgreen, non-executive Director of the Company, said: " We are delighted to welcome Mr. Avraham Nota to the Board as Executive Chairman. Mr Nota has considerable experience in the residential development construction industry in Eastern EuropeWe believe that Mr Nota is well positioned to be able to guide the Company through this difficult period.  I would also like to thank Sam Salman for his valuable contribution to the Company as Chairman and wish him all the very best for the future."

Listed below are the names of the companies and partnerships (including limited liability partnerships) of which Avraham Nota has been a director or partner at any time in the past five years.

Mr Avraham Nota:

Current Directorships: 

A. Nota Ltd

Former directorships (held within the last 5 years):

AFI Europe N.V.

Africa Israel Properties Limited

Africa Israel (Finance) 1985 Ltd

Africa Israel International Holdings Ltd

Africa Israel International Investments Ltd (1997) Ltd

Africa Israel International Properties (2002) Ltd

Denya Cebus Limited

Cebus Rimon Industrialized Construction Ltd

Cebus Rimon Industries and Development Ltd

Vash Telekanal Ltd

Up-Tec Ventures Ltd

Bat Savyon Ltd

Cotroceni Investments Ltd

Faringer Enterprises Ltd

Intrastar Investments Ltd

Galway Consolidated Ktd

Na Lagaat

There are no further details required to be disclosed pursuant to Rule 17 and Schedule 2, paragraph (g) of the AIM Rules.



Engel East Europe N.V.

Tel: +31 20 778 4141

Samuel Hibel

Libertas Capital Corporate Finance Limited

Tel: +44 (0) 20 7569 9650

Sandy Jamieson

Bankside Consultants

Tel: +44 (0) 20 7367 8888

Simon Bloomfield or Andy Harris

This information is provided by RNS
The company news service from the London Stock Exchange