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HELLENIC FABRICS AGM held with 71.2% of share capital

19 Jun '07
2 min read

The annual General Shareholders Meeting of “HELLENIC FABRICS S.A.” held on Friday, June 15th 2007, was carried out with the participation of 71,24% of the company's share capital.

There was a unanimous approval of the Company's Annual Financial Statements in accordance with the International Financial Reporting Standards, for the fiscal year 01.01-31.12.2006, as well as of the Board of Directors' and the Auditors' Reports for the same period.

Moreover, the Chairman of the Board of Directors informed the shareholders that the Company's management decided to enter also in the energy sector. For this reason, a new company, “HELLENIC ENERGY S.A.”, was established.

Shareholders of the new company are 95% “HELLENIC FABRICS S.A.” and 5% it's subsidiary “KILKIS SPINNING MILLS S.A.”. Objective of this company is the production and the sale of electric energy from renewable sources as well as the production and sale of electric and thermal energy from installations of coproduction of heat and electricity.

The Group's Management estimates that the downward trend in the world denim market that originated last year has been overcome. Current company data show a turnaround in the demand for denim products, which started during the first quarter of 2007. Sales figures for the second quarter of 2007 show a further strengthening of this upward trend.

Hellenic Fabrics S.A.

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