Gorenje Declares Dividends, Names Board Member Jul 14, 2005

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At the company's annual shareholders meeting, Slovenia-based appliance maker Gorenje announced that it will use its remaining distributable profit for other reserves at 6.3 million euros (approx. U.S. $7.6 million) or remain undistributed at 5.2 million euros (approx. $6.3 million).

In addition, the shareholders named Joze Zagozen as a new supervisory board member, to replace Tomaz Kuntaric, who stepped down in April.

Mr. Zagozen, the chief supervisor of oil company Petrol and general manager of Holding Slovenske Elektrarne, an electric company, was appointed for 1-year term.

The Gorenje management also approved the company to buy its own shares within the next 18 months. The company will be allowed to buy up to 10 percent of the share issue at a price that may not exceed the average daily price on the Ljubljana Stock Exchange. (Slovenia Business Week)

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