Calvert International AG

CIAG Annual General Meeting elects new Supervisory Board and appoints new Management Board member

EQS-Media / 07.09.2023 / 14:00 CET/CEST CIAG Annual General Meeting elects new Supervisory Board and appoints new Management Board member

Frankfurt 7 September 2023, The shareholders of Calvert International AG ("CIAG"; ISIN DE000A2YN5X9) unanimously elected Verner Ayukegba as a new member of the Supervisory Board at the Annual General Meeting of the holding company on 4 September 2023. Sebastian Wagner moves to the Executive Board.

 

New board member to relieve the sole board member.

Sebastian Wagner has resigned from the Supervisory Board at the end of the Annual General Meeting and is moving to the Executive Board of the holding company in order to focus more on the operational business in the future. This change is related to the growth of the company and serves to relieve the previous sole board member NJ Ayuk. "I am very pleased to be working with Mr. Ayuk to drive CIAG forward as a dual leadership team and to put Africa more on the agenda of the European capital market. With our realignment into an African Energy Investment Holding, I am confident that CIAG holds great potential for future investors," Wagner said.

 

Solid development in the 2022 financial year despite challenging environment

In its report to the Annual General Meeting, the Executive Board addressed the company's development in the past financial year and explained important aspects of the past financial year. Despite lower gross profit, a positive EBIT was achieved, mainly through cost savings. This is also reflected in the Group's half-year figures, which led to a significant increase in EBITDA for the first half of 2023 due to cost-saving measures.

 

Positive forecasts for 2023 and 2024 due to new business model

Already at the extraordinary general meeting on 16 May 2023, it was decided to strategically realign the company and to operate as Energy Investment Holding in the future. In addition, authorized capital was approved to facilitate future transactions. The new business model already saw success in August, when CIAG contractually fixed the acquisition of Emerging Energy Corporation (EEC). EEC is a dynamically growing company active in the fields of hydrogen, biogas, and decentralized solar solutions.