Kimberly Enterprises Regulatory News (KBE)

20 Aug 2007 16:15

Engel East Europe N.V.20 August 2007 FOR IMMEDIATE RELEASE 20 August 2007 Engel East Europe N.V. Appointment of Chairman Engel East Europe N.V. (the "Company" or "Engel East Europe") is pleased toannounce that Mr.Sam Salman, a current Director of the Company, has beenappointed as Chairman of the Board of Directors with effect from 1 September2007. This is in line with the announcement made by the Company in December2006, that Jacob Engel will be standing down as Chairman. Mr. Salman is acting as the president of the Boymelgreen group which is thecontrolling shareholder of the Company through his interest in AzorimDevelopment and Construction Co. Limited and joined the Board on 5 June 2007 Mr. Engel will step down on 1 September 2007 but will remain available to assistthe Company for the time being. Mr. Engel said: "It has been a great honour and a privilege for me to work withthe highly skilled Engel East Europe team across the Company's officesthroughout the CEE Region. I am very confident that I am leaving the Company ina sound position with a strong and healthy management team that will lead theCompany to even greater success and prosperity". Chairman designate Mr Salman commented: "We would like to offer our thanks toJacob Engel for all that he has done in creating Engel East Europe and leadingthe Company to where it is today. His vision and drive have established one ofthe foremost residential property developers in the Central and Eastern Europeanregion. I am looking forward to continuing the Company's expansion into newmarkets and utilising the contacts and experience the Company possesses to takeadvantage of future opportunities in the region. Mr. Yaron Shama has resigned from the Board of Directors with effect from 15August 2007 to pursue other interests.. ENDS Enquiries:Engel East Europe N.V.Nir Netzer +972 (9) 970 7020 Dawnay, Day Corporate Finance Limited +44 (0) 20 7509 4570Sandy JamiesonAlex Stanbury Bankside Consultants Limited +44 (0) 20 7367 8870Simon BloomfieldAndy Harris Notes to editors Engel East Europe is an international residential property developerincorporated in The Netherlands. The Company operates in Central and EasternEurope (the "CEE Region") and has various developments in Hungary, the CzechRepublic, Poland, Bulgaria, Romania and Serbia as well as operations in Germanyand Canada. The Company is currently involved in the development of severalthousand residential units and is in negotiations to purchase land for thedevelopment of additional projects throughout the CEE Region. This information is provided by RNS The company news service from the London Stock Exchange