Changes to the board of directors
MAS Real Estate Inc.
Registered in the British Virgin Islands
Registration number 1750199
JSE share code: MSP
ISIN: VGG5884M1041
LEI code: 213800T1TZPGQ7HS4Q13
(“MAS” or “the Company” or “the Group“)
CHANGES TO THE BOARD OF DIRECTORS
The Board is pleased to appoint Irina Grigore as CFO and executive director of MAS effective today. Irina has 13-
years of real estate and finance industry experience and is currently heading the finance function within MAS
Group. She holds degrees in engineering and international economic relations. Irina was a senior audit associate
with PricewaterhouseCoopers prior to fulfilling senior management roles in finance and information systems with
Nepi Rockcastle, Prime Kapital and MAS.
Victor Semionov shall remain an executive director of MAS with a broader operational mandate across the
business. The Board expresses its profound gratitude to Victor for his contributions to MAS as it is transitioning
to a business fully invested in Central and Eastern European (CEE).
Shareholders are aware that Martin Slabbert (CEO) and Victor Semionov were appointed in November 2019 to
manage MAS’ transition, having pre-dating, continuing roles as founding partners of Prime Kapital with which MAS
has an ongoing, pre-dating, commercial relationship via the Development Joint Venture (DJV). (1) The DJV owns
considerable commercial investment property, managed by MAS since November 2019, which will increase as
projects currently in the development pipeline are completed. Commercial and residential developments
undertaken by Prime Kapital in the DJV, and MAS’ unique access to and interest in them via the DJV, is expected
to have a major positive impact on MAS’ future financial performance. This and Prime Kapital's position as a
substantial, long-term MAS shareholder suggest it to be mutually beneficial for the two groups to remain closely
connected for the foreseeable future.
Given the relationship between MAS and Prime Kapital, Martin and Victor plan to step down as executive directors
by November 2022, when the business transition to CEE should be complete, returning full-time to Prime Kapital.
To ensure MAS is fully prepared for these potential management changes, the Company has initiated a succession
program to ensure availability of executive director candidates with no affiliation to, or interest in, Prime
Kapital well in advance of November 2022. Since November 2019, notable and rapid progress has been made with the
repositioning of the business to CEE. The Board has had the opportunity to work closely with impressive
management candidates for succession that transferred from Prime Kapital in November 2019. Irina is one of
these candidates and her early promotion is a result of outstanding contributions made by her to date.
24 February 2021
For further information please contact:
Dan Petrisor, MAS Real Estate Inc. +40 741 184 921
Java Capital, JSE Sponsor +27 11 722 3050
1 DJV is an abbreviation for a separate corporate entity named PKM Development Limited (PKM Development), an
associate of MAS since 2016 with independent governance. MAS owns 40% of the ordinary share capital of PKM
Development, an investment conditional on it irrevocably undertaking to provide preference share capital to PKM
Development on notice of drawdown. MAS’ undertakings to PKM Development arose prior to Prime Kapital’s founders
joining MAS’ Board in November 2019 and are unaffected. On 31 December 2020, MAS had invested €186.7million
in preference shares and had an obligation of €233.3million outstanding (figures not proportionally consolidated).
The balance of the ordinary share capital in PKM Development was taken up by Prime Kapital in 2016 for €30million
in cash, and, in terms of applicable contractual undertakings and restrictions:
(i) is not permitted to undertake real estate development in CEE outside of PKM Development until the DJV’s
capital commitments are fully drawn and invested or 2025;
(ii) contributed secured development pipeline to PKM Development at cost;
(iii) takes responsibility for sourcing further developments, and
(iv) provides PKM Development with all necessary construction and development services via integrated in-
house platform.
Date: 24-02-2021 05:25:00
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