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Vision cuts expenditure and subsidiaries

16/12/2009 10:18
Vision International People Group decided to liquidate certain subsidiaries in Russia to minimize its operating expenses and to maintain its revenues.

According to the announcement, “during the meeting of the Board of Directors which was convened on the 15th December, 2009 at 10.00 a.m. at the Company's offices located at 67, Limassol Avenue, Aglantzia, 2121, Nicosia, it was resolved that as part of the Group's restructuring, a number of Company subsidiaries in the various Russian territories be liquidated and the presence of the Group in each of the respective territory be through a representative office of another Company subsidiary, namely Vision Group Rus LLC. This is purposed to minimise operation expenses whilst maintaining revenue simultaneously”. The companies are, Vision Baikal LLC, Vision Vladivostok LLC, Vision Volga LLC, Vision Ekaterinburg LLC, Vision Enisey LLC, Vision Kazan LLC, Vision Krasnodar LLC, Vision Kurgan LLC, Vision Omsk LLC, Vision Samara LLC, Vision Ufa LLC and Vision Khabarovsk LLC.

Moreover, it was resolved that Mr. Roberto Piona, Chairman of the Board of Directors of the Company, acts as an Executive Director of the Company, effective as from the 15th of December, 2009.

Also, the Company announced that within the framework of the Extraordinary General Meeting held yesterday the shareholders ratified the resolution of the Company's Board of Directors dated on the 10th of November, 2009 approving the resignation of Mr. Vahagn Manukyan as Group Chief Executive Officer and Executive Director of the Company effective as from the 13th of November, 2009.

“The amendments to the Articles of Association of the Company further to the pertinent resolution of the previous Extraordinary General Meeting of the Company which took place on the 21st of October, 2009, emanating from the termination of the voluntary compliance with the Corporate Governance Code of the Cyprus Stock Exchange were approved by special resolution in the form presented”, the announcement concluded.