Galanos resigns from Vassiliko

Panos Galanos tendered in his resignation from the Board of Directors of Vassiliko Cement Works (VCW) following the Annual General Meeting of shareholders held on May 26.

There was no official statement from Galanos as to the reasons why he resigned from his post, but analysts reckon that his resignation is directly related to a power struggle now being waged inside the Church controlled companies, which besides Vassiliko also includes Hellenic Bank.

The AGM also appointed two EME insiders to the Board. They are Panayiotis Hadjipantelis, who is the Financial Controller of the Archbishopric of Cyprus and Executive Chairman of EME and member of the Board of Athena Investments, Logosnet and other companies as well as Andreas Panayiotou, who is a member of the Board of Hellenic Bank, EME and previously held a senior position in the Ministry of Agriculture.

The AGM also approved the final dividend of 2 cent per share for a total cash consideration of CYP 1.08 mln, which together with the 1.5 cent interim paid in August 2004, brings the total dividend to 3.5 cent per share. The records date was set for 7 June and the actual payment of the dividend on 23 June. The VCW shares will trade ex-dividend on 3 and 6 June.