Rus News Journal

Mirax the former vice-president of Rosbank Maxim Frolov has raised the banker

Today has started responsibilities as chairman of the board Mirax Group. Till now this post was rotational - the board was headed quarterly by councillors of directors from minoritariev. Mister Frolov will hold this post on a constant basis, having concentrated on operational administration questions.
since September, 3rd Maxim Frolov who has worked last five years in Rosbank in posts of the senior vice-president and the assistant of preboard, will head board Mirax Group on a constant basis, has informed on Friday a press - corporation service. Before its arrival in Mirax preboard functions were carried out serially (rotation occurred quarterly) by four minoritariev from among representatives of board of directors. In July Maxim Privezentsev has replaced on Alexey Adikaeva`s this post. President Mirax Sergey Polonsky explains personnel castling to that to board of directors is necessary to concentrate on new developer projects in Ukraine, in Turkey and Montenegro. In total portfolio of projects, according to the company, has reached 5,5 million in sq. m. My problem - to optimise management mechanisms, to diversify business, to increase the further capitalisation of the company - mister Frolov speaks. Mister Polonsky has added that new preboards will prosecute subjects of financing, management of the constructed objects and etc.

Mirax Group is created in 1994. 85 % of a share of the company belong to its president Sergey Polonsky (its condition Forbes estimates in $880 million), 10 % - to Arthur Kirilenko. 5 % in aggregate belong to councillors of directors to Alexey Adikaevu, Dmitry Lutsenko, Maxim Privezentsevu and Maxim Temnikovu. A gain for 2006 - $555 million, EBITDA - $200,5 million

the Salary of mister Frolov as preboard will make not less than $500 thousand a year plus 20 - 30 % in the form of bonuses, has counted up the partner of personnel agency Contact Galina Spasenova. In its opinion, in the near future in developer business the tendency when the operational administration will be transferred to hired managers will be accurately traced. And Olga Kalinina from the personnel centre JUniti it is assured that arrival in Mirax eks - the banker - the beginning of possible preparation to IPO. Placing at a stock exchange is not included into intermediate term plans of the company - Maxim Frolov assures.

it is not excluded that in the near future mister Frolov will be occupied by the debt market. in 2008 - 2009 there comes term of repayment of two bonded loans for a total sum 4 mlrd rbl. (about $160 million) and two releases of credit notes (CLN) on $280 million - the analyst " reminds; Brokerkreditservisa Tatyana Bobrovsky. Loans will be refinansirovany, the analyst considers, having added that a financial background of preboard it will appear for corporation valuable .