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Zürich August 9th 2019
Annual General Meeting of Balluun AG approves the capital increase proposed by Board of Directors
58 shareholders attended the 8th Annual General Meeting of Balluun AG on the August 7th 2019.
The shareholders approved the annual report and financial statements for 2018 as well as the appropriation of Balluun’s accumulated net loss. The General Meeting re-elected Walter Knabenhans, and elected Dr. Daniel Bernasconi and Dr. Roger R. Müller as new members to the Board of Directors. Walter Knabenhans was elected as its new president. Confia Group AG Baden has been newly nominated as statutory auditor for the 2019 financial year. Furthermore, the Annual General Meeting of Balluun AG approved by a large majority the ordinary capital increase of CHF 6.3 million proposed by the Board of Directors.
Walter Knabenhans, President of the Board of Directors, said: "We continue to work on the restructuring of Balluun Group and concentrate on the successful and profitable Saigara business. We sold the loss-making B2B business to the management in the USA through a management buy-out (MBO). These measures enabled us to reduce our annual costs from CHF 6 million to approximately CHF 0.5 million. »
Dr. Roger R. Müller, CEO since January 4th 2019, added: "With Saigara, the Balluun Group runs a profitable e-commerce business. Today, Saigara serves more than 416,000 consumers and had a turnover of over 7 million EUR in 2018. In order to drive further Saigara’s growth and internationalisation, Balluun AG requires funding of CHF 4 million, which can be achieved through the approved capital increase. Assuming that the approved capital increase is successfully completed, Balluun AG has been restructured and is well on its way. "
Roger R. Müller