Chagala Group Limited Changes of Directors (9442D)

TIDMCGLO

RNS Number : 9442D

Chagala Group Limited

12 October 2018

Chagala Group Limited

12 October 2018

For Immediate Release

Resignation of Directors of the Company and CEO and Replacement Appointment

Chagala Group Limited (the "Company" or "Chagala") announced today that the following Directors of the Company, Mr. Michael C. Carter Jr., Mr. Francisco Parrilla and Mr. Javier del Ser Pérez have resigned following the completion of the Offer by Realty Invest Holding LLP ("Realty Invest") with effect of close of business 12 October 2018. In addition, Mr. Parrilla resigned as Chief Executive Officer of the Company with effect of close of business 12 October 2018. Mr. Parrilla remains in the Company to assist in the transition, until necessary on a consultancy basis.

Mr. Borko Moric and Mr. Bojan Moric will become the Company's Chief Executive Officer and Chief Operations Officer, respectively with effect from 15 October 2018.

The Company would like to take this opportunity to express its gratitude and appreciation to Mr. Michael C. Carter Jr., Mr. Francisco Parrilla and Mr. Javier del Ser Pérez for their contribution to the Company during their term of office, including significant efforts taken to ensure the Company's stability, sustainability and achievement of the targets in the challenging economic environment and rising competition.

Commenting on the addition of Mr. Borko Moric and Mr. Bojan Moric to the Company's senior management of the Group, Mr. Francisco Parrilla noted "I am very pleased that Mr. Borko Moric and Mr. Bojan Moric have agreed to step into the CEO and COO positions. 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."

Chagala Group remains committed to offering high quality solutions at competitive prices, paying special attention to providing reliable service for its clients and creating the most comfortable conditions for work and life. By building long-term relations with our partners and catering to clients' needs, we constantly improve the quality of our services.

For more information:

Borko Moric, Director

Chagala Group Limited + 7 (727) 355 04 84

Chagala Group

Chagala invests in service companies focused on providing long and short-term accommodation solutions to domestic and international oil and gas companies developing Kazakhstan's largest hydrocarbon discoveries. With investments in hotels, guest houses, serviced apartments, remote site facilities, restaurants and offices, Chagala is well positioned to capitalize on the oil and gas contribution being made in Kazakhstan.

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October 12, 2018 10:14 ET (14:14 GMT)