RESPONSIBILITY TO SHAREHOLDERS
The responsibility of the management of FAZERLES AD to the shareholders is related to submitting of due, relevant and accurate information for company‘s activity and results, also for the development perspectives. The purpose of the presented information is to give the shareholders a possibility to make a real evaluation of their investment.
The management of the company every quarter publishes on the internet portal of Bulgarian Stock Exchange - Х3 News and on the site of FAZERLES AD the financial reports and interim activity report. After completion of the year the shareholders are given an Invitation and the materials for the forthcoming General Assembly of Shareholders - the company’s activity report and the financial report certified by the auditor.
Each shareholder of FAZERLES AD has the right to participate in the work of the General Assembly of Shareholders – the highest governing body of the company, to ask questions and to receive answers for the company’s activity and also to vote the assembly’s decisions.
The board of directors of FAZERLES AD implements in its activity the National Code of corporate management approved from the National Committee of corporate management.
FAZERLES AD was founded as an independent company since 12.08.1993. The company is an assignee of the Factory for production of wood-based panels (hardboard) – the first factory of the former LESSOPROMISHLEN KOMBINAT.
The beginning of the LESSOPROMISHLEN KOMBINAT has been initiated with Decree of the Government counsel from 1970. The Decree provided for building of the biggest factory for complex deep chemical and mechanical processing of the wood, including Factory for production of wood-based panels, 7 other factories and subsidiary objects.
The first dig of the mill is done on 03.03.1972 with the beginning of construction of building the Factory for production of wood-based panels.
First hardboard panels were produced on 07.09.1976. In 1980 was built and put into operation factory’s railway station.
On 05.08.1991 the Minister of industry transformed LESSOPROMISHLEN KOMBINAT into LESIL company, which is registered according to the Trade Law with decision of Silistra country court № 1600 on 10.09.1991.
In 1991 the grace period for investment credit expired and the whole burden of the investment credits fell on the three active production mills of LESIL - Factory for production of wood-based panels, Paper Mill and Mechanical Repair Mill. This lead to serious financial troubles and to the necessity of dividing of the factories.
In 1993 the Minister of industry reorganized LESIL company and established four new companies, one of them FAZERLES EAD.
On 12.08.1993 has been registered single-stock company with state property FAZERLES EAD, with capital of 171 453 000 BGN.
On 08.08.1996 FAZERINVEST – joint-stock company established by 380 employees of FAZERLES EAD bought via negotiations with the Privatization agency the majority stake of shares of FAZERLES EAD and the company was renamed to FAZERLES AD.
In 1997, 2000 and 2001 in auctions of the mass privatization 25.55% of the shares are sold to private individuals and 14.95% to the entitles persons, according to the lows, thus FAZERLES AD becomes 100% private property.
In 1998 the company’s capital has been increased to 515 billions leva, after the denomination in 1999 the capital is changed to 515 thousand leva as it is till now.
FAZERLES AD is entered in the Trade register of the Registry Agency with number 828013698 and it is a public company according to the Bulgarian law.
During the last years a serious investment program has been realized in FAZERLES AD, wherein the bigger part of the technological equipment has been renovated, a new steam-plant on biomass has been built, a treatment plant for the waste water also has been built and others.