News Column

Kimberly Enterprises Shareholders Pass Executive Appointments

June 17, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Kimberly Enterprises NV said Tuesday that shareholders had passed resolutions at an extraordinary general meeting to appoint Dov Luxenburg and Oded Shamir to replace Chief Executive Gad Raveh and Executive Director Moshe Naveh.

Luxenburg is chief executive of Engel Resources and Development Ltd and Shamir is chairman of the same company.

Israel-based Engel General Developers Ltd, which is a subsidiary of Engel Resources and Development, is Kimberly's biggest shareholder with a 68.35% interest. It is part of Engel Group, founded by Israeli businessman Jacob Engel.

Engel General had appealed to Kimberly shareholders earlier in the month to call an extraordinary general meeting to oust Raveh and Naveh. It said it wanted to increase shareholder value, increase the experience level of the board, and develop a clear new strategy for the company.

Shares in Kimberley were trading down 1.5% at 0.320 pence Tuesday afternoon.

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Source: Alliance News