STOCKHOLM, Dec. 16, 2002 (PRIMEZONE) -- As previously announced, Mats Mared has decided to step down as president of Drott. Mr. Mared will, however, remain president and a member of the board of directors until the Annual General Meeting on April 8, 2003. The recruitment of a new president has begun.
Drott's strategy remains unchanged
Drott's mission is to acquire, develop and manage commercial and residential properties in growth regions and, when appropriate, to capitalize on the accumulated values in fully developed properties. This mission has been in place since Drott's IPO in 1998 and has not changed.
The strategy also remains unchanged. Drott frequently evaluates whether each property is expected to help the company achieve its financial objectives, and since the IPO properties have been divested for SEK 13 billion. During the time, Drott has sold 20 properties to condominium associations, including three in 2002. At the same time, it has acquired properties for SEK 33 billion. Its ability to develop major projects is also an important way in which Drott creates value.
The opportunity to repurchase shares is being utilized by Drott as part of the effort to maintain its financial strength, with the goal of providing shareholders with the highest possible long-term return. To date, Drott has repurchased shares on the market for SEK 1.3 billion, of which SEK 0.2 billion has been repurchased since the 2002 Annual General Meeting.
Drott AB (publ)
Board of Directors
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