Arco Vara AS extends CEO’s term of office
In connection with the expiry of the term of office of Arco Vara AS’s Management Board member Miko-Ove Niinemäe on 30 April 2023, the Supervisory Board of Arco Vara AS has decided to extend the term of office of Miko-Ove Niinemäe in the new statutory period until 10 April 2026.
Commenting the announcement, Supervisory Board chairman Tarmo Sild said: “The company is profitable, pays dividends and is well capitalised. The team is working. Arco Vara does its own land acquisition, planning, designing and building. As investors we are ready to invest more in the company if necessary. Cooperation with banks is good in both countries where Arco Vara operates. Therefore, the extension of the contract of Miko Niinemäe is a logical and significant step in implementing the strategy of Arco Vara.”
Sild added: “The Supervisory Board of Arco Vara has set for the company a three-year goal to increase the balance sheet volume to EUR 100 million and to increase the annual revenue to more than EUR 25 million. The return on equity should reach around 20 percent. This means stable and profitable sale of about 200 units of apartments a year. In addition, one needs to build 200 units, design 200 units, detail plan 200 units and buy land for at least 200 units a year in both Estonia and Bulgaria. To achieve this, one needs to have a capable team and maintain investor confidence.”
Tiina Malm
CFO
Arco Vara AS
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