Armen Garslyan was elected as the Chairman of the Board of Directors of the "Metafrax Group" management company

"Metafrax Group" is completing the implementation of the project for the introduction of the holding’s target management model. The transfer of the powers of the sole executive body by the Group's companies to the management company will be carried out from April 17^th, 2023.

Six top managers of the Group's companies have been elected to the Board of Directors of "Metafrax Group” MC" LLC. Armen Garslyan was elected as the Chairman of the Board of Directors.

Moreover, the composition of the Board of Directors of "Metafrax Chemicals" JSC has been renewed. It includes seven people who previously held management positions in the Group's companies.

As part of the change in the corporate structure of the Group, Vladimir Daut has been appointed as General Director of "Metaholding" JSC, which controls 95.8% of the shares of "Metafrax Chemicals" JSC.

The transfer of the powers of the sole executive body by the Group's companies to the management company will be carried out from April 17^th, 2023. The management company assumes the functions of strategic and corporate management, operational coordination of activities of the Group's companies, including in the areas of legal, financial and economic, HR and IT issues, strategic communications and GR.

Operational activities remain in the area of responsibility of enterprises. They are grouped into three divisions: the division of large- and medium-tonnage chemistry, which includes the enterprise of "Metafrax Chemicals" and trading companies, the division of resins in Russia, which includes the enterprises of "Metadynea" and "Karbolit", the foreign division of resins and fine chemistry.

- The creation of a management company does not affect the legal composition of the group of companies; all its member enterprises continue their work as part of the functional and divisional structure of the holding. Organizational changes also do not affect contractual obligations with partners, suppliers and consumers of "Metafrax Group" products. Currently, we are completing the staffing process for the management company and transferring employees to a new structure, - commented Ivan Feoktistov, the General Director of "Metafrax Group” MC" LLC and manager of the project for target management model implementation.