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AFI Development PLC (AFRB)

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Tuesday 20 November, 2018

AFI Development PLC

AFI Development - Changes to the Board

RNS Number : 9365H
AFI Development PLC
20 November 2018









Changes to the Board of Directors


London, 20 November 2018 - AFI Development today announces that on 19 November 2018 its Board of Directors accepted the resignation of Mr Mark Groysman from the position of Executive Director, effective 1 December 2018. Mr Groysman's services on the Board were planned as an interim measure and his resignation follows a new appointment to the Board. Mr Groysman will continue to serve as the Chief Executive Officer of AFI RUS LLC.


The Board, at its meeting on 19 November 2018, appointed Mr Avraham Noach Novogrocki as a Non-Executive Director to replace Mr Groysman, with such appointment being effective from 1 December 2018.


Mr Novogrocki previously served on the Company's Board between 2012 and 2016. Mr Novogrocki was, until September 2018, CEO of Africa Israel Investments Ltd (a company listed on the Tel-Aviv Stock Exchange, Israel). Prior to assuming the CEO role at Africa Israel Investments Ltd., Mr Novogrocki served as CEO of its subsidiaries, namely Africa Israel Industries Ltd. (from 2008 to 2012) and Packer Steel Industries Ltd. (from 2007 to 2012), as well as Deputy CEO and CFO of Africa Israel Industries Ltd. Mr Novogrocki holds an MBA and a BA in Economics and Business Administration from the Bar-Ilan University, Israel.


During the 5 years prior to his appointment to the Board of AFI Development, Mr Novogrocki was a director in Africa-Israel Residences Ltd., Africa Israel Properties Ltd. and Africa Israel Industries Ltd., publicly quoted companies on the Tel-Aviv Stock Exchange, Israel. He also served as a director at Danya Cebus Ltd., which was a publicly quoted company on the Tel-Aviv Stock Exchange until July 2015. He has no unspent convictions in relation to indictable offences.


While in the role of CEO at Africa Israel Investments Ltd., Mr Novogrocki was involved in its creditors' arrangement, which commenced in 2016 and is still ongoing. Details of such arrangement can be found in a recent financial report published by Africa Israel Investments Ltd on its website, at AFI Development accepts no responsibility for the accuracy of information published by a third party.


There are no further details in respect of Mr Novogrocki requiring disclosure under Listing Rules 9.6.13(2) to 9.6.13(6) inclusive.



- ENDS -


For further information, please contact:


AFI Development, +7 495 796 9988

Ilya Kutnov 


Citigate Dewe Rogerson, London +44 20 7638 9571

Sandra Novakov

Lucy Eyles




About AFI Development


Established in 2001, AFI Development is one of the leading real estate development companies operating in Russia.


AFI Development is listed on the Main Market of the London Stock Exchange and aims to deliver shareholder value through a commitment to innovation and continuous project development, coupled with the highest standards of design, construction and quality of customer service.


AFI Development focuses on developing and redeveloping high quality commercial and residential real estate assets across Russia, with Moscow being its main market. The Company's existing portfolio comprises commercial projects focused on offices, shopping centers, hotels and mixed-use properties, and residential projects. AFI Development's strategy is to sell the residential properties it develops and to either lease the commercial properties or sell them for a favorable return.


AFI Development is a leading force in urban regeneration, breathing new life into city squares and neighborhoods and transforming congested and underdeveloped areas into thriving new communities. The Company's long-term, large-scale regeneration and city infrastructure projects establish the necessary groundwork for the successful launch of commercial and residential properties, providing a strong base for future.



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