De Raj Group AG: De Raj Group AG announces changes in the Management and Supervisory Board

De Raj Group AG announces changes in the Management and Supervisory Board

Munich, 18 September 2020: De Raj Group AG (ISIN: DE000A2GSWR1, Vienna Stock Exchange) today announced changes to its Management and Supervisory Board as cost-cutting measures related to the COVID-19 pandemic and a corresponding partial cease of operations. The number of Board Members has been reduced by half. Therefore Nicholas de Raj and Carlo Arachi retired from their positions on the Management Board of De Raj Group AG. Nagendran Nadarajah and Vaidyanathan Nateshan form the remaining members of the Management Board.

The number of Supervisory Board members also was reduced by one to three. Therefore Alexander de Raj retired from his position as Chairman of the Supervisory Board of De Raj Group AG. Devarajah Navaratnam will be appointed as Interim Chairman. Renata de Raj and Chew Mei Ying remain unchanged members of the Supervisory Board.

De Raj Group AG management thanks the retiring Management and Supervisory Board members for their commitment and valuable contributions to the company.

For more information please visit the corporate website:
https://www.thederajgroup.com

About the De Raj Group:
The De Raj Group AG is listed in the market segment "Standard Market Auction" on the EU-regulated market (Amtlicher Handel) of the Vienna Stock Exchange (Wiener Börse) since Feb 8th, 2018. The shares are also listed since March 23rd, 2018 at the Open Market in Frankfurt / Main and at XETRA of Deutsche Börse AG. The De Raj Group is strong in the Oil & Gas sector and Power Generation sector, where it owns and operates strategic equipment/facilities in both of these sectors which are provided on mid-to long-term lease to the market. In the Power sector, it was involved in both conventional power generation and CHP (Combined Heat and Power) generation. The Group is embarking on an international expansion plan in the Middle East and the Asia Pacific region. The Oil & Gas division of the Group provides specialist services supported by IP patents for the full spectrum of the upstream Oil & Gas supply chain, particularly in the South East Asian region. The Group owns a diversified portfolio of assets comprising jack-up rigs and topside equipment. These jack-up rigs, with the readily available equipment can be modified quickly to suit client requirements for offshore facilities in the development of marginal fields, including enhancement of production in producing fields. This supports very well Oil companies desire for early monetization of hydrocarbon with cost effective solutions.

For further information:
De Raj Group AG, Investor Relations, mailto: ir@thederajgroup.com