Proactive Investors - Run By Investors For Investors
Why invest in CGLO?
Chagala Group: DEEP DIVE

Chagala Group under new management following takeover

Borko Moric will succeed Parilla as chief executive officer. Bojan Moric will become the company's chief operations officer
OVERVIEW: CGLO The Big Picture
Chagala works for oil companies in Kazakhstan

Change is underway at accommodation specialist  Chagala Group Limited (LON:CGLO) following the takeover offer from Kazakhstan-based firm Realty Invest Holding LLP (RIH).

As a result, the existing directors of Chagala agreed to appoint Borko Moric and Bojan Moric as new directors of the company, effective from 11 October.

The Caspian-focused oil & gas services provider received acceptances representing 67.08% of the company’s share capital, with RIH having acquired that percentage at a price of US$2.15 per share.

READ: Chagala Group appoints Borko Moric and Bojan Moric as CEO and COO

RIH initially made the offer at the beginning of September, with its bid 39% higher than a previous bid of US$1.55 put forward by Asian Investment Management earlier this summer.

Francisco Parrilla, who was the chief executive officer of the Capsian-focused oil & gas services provider, remains with the company to assist in the transition on a consultancy basis.

Borko Moric will succeed Parilla as chief executive officer. Bojan Moric will become the company's chief operations officer.

"I am very pleased that Mr Borko Moric and Mr Bojan Moric have agreed to step into the CEO and COO positions,” Parilla said.

“Their expertise in oil and gas industry will enable a seamless transition. I look forward to the continued evolution of Chagala as they work to grow and better serve the company's clients and communities and develop new opportunities in Kazakhstan and elsewhere," he added.

Chagala provides residential accommodation, on-site offices, catering, leisure, transport, warehousing and logistics support to all major companies involved in Kazakhstan’s emerging oil and gas industry.

View full CGLO profile View Profile

Chagala Group Timeline

Related Articles

computing symbols in cyberspace
January 15 2019
Its team of computer scientists designs algorithms that will be used by high-frequency traders, scientists doing genetic research and pharmaceutical companies
July 08 2019
"A tough half but setting the platform to deliver into our second half guidance."
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use