Warsaw, 15 June 2022: At the AGM of Globe Trade Centre S.A. on June 14, the company’s shareholders approved changes to the Articles of Association (“Statute”) providing minority shareholders with increase transparency with an aim to boost their confidence in the Company’s activities.
As a result of dialogue with the representatives of the minority shareholders, and in order to respond to market expectations, a number of solutions were introduced to the Articles of Association to increase the transparency of the management’s decisions, significantly expanding the rights of minority shareholders and adjusting the Statute to the current legal environment.
“We are very happy to be more transparent for the minority shareholders. We trust that the approved changes to the Articles of Association will increase the interest of the minority shareholders in company activities and that they will feel more empowered to actively participate in determining the path to be followed by the company” – commented Zoltán Fekete, CEO at GTC.
Significant changes have been made to the provisions referring to the independent members of the Supervisory Board. A reference to the criteria for independence in accordance with current legislation has been introduced, as well as a requirement that at least two members meet these criteria.
Changes also have been made to related party transactions. Instead of an autonomous definition of related party transactions in the Articles of Association, a reference to the term’s definition given by the International Financial Reporting Standards has been introduced.
The above amendments to the Articles of Association will become effective once they have been registered with the registry court.
About GTC
The GTC Group is a leading real estate investor and developer focusing on Poland and capital cities in Central and Eastern Europe. During its 25 years of activity, GTC has developed 77 modern, high-standard office and retail properties with a total area of approx. 1.4 million sq m throughout Central and Eastern Europe.
GTC now actively manages a commercial real estate portfolio of 45 commercial buildings providing ca. 763 thousand sq m of lettable office and retail space in Poland, Hungary, Bucharest, Belgrade, Zagreb and Sofia. In addition, GTC has a development pipeline of approx. 460 thousand sq m retail and office properties in capital cities of Central and Eastern Europe, of which 51 thousand sq m is currently under construction.
GTC S.A. is listed on the Warsaw Stock Exchange and inward listed on the Johannesburg Stock Exchange.
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Agnieszka Szczurek