Hirco Plc, the AIM-listed investment vehicle of Mumbai-based property builder Hiranandani, has appointed Eitan Milgram as a non-executive director with immediate effect. Currently, Milgram is a portfolio manager and executive vice-president at Weiss Asset Management, which holds over 22 per cent stake in Hirco.
Milgram has worked with Weiss for the last 11 years. He graduated from Boston University summa cum laude and has served on the board of directors of 14 public-listed companies, advising a number of businesses on corporate restructuring. Funds managed by Weiss Asset Management LP, Eitan’s previous employer, hold 22.15 per cent of the issued share capital of Hirco.
In July 2011, Hirco’s non-executive directors Douglas Gardner and Kesi Gharda resigned from the company. Incidentally, both of them had been with Hirco since its IPO in 2006.
Hirco recently reported a profit of $44.66 million (£27.2 million) for the six-month period ending March 2011, with NAV during the period rising 5.36 per cent. Hirco has invested £350.8 million in four developments which were valued by property consultants Jones Lang LaSalle Meghraj at £513.5 million on September 30, 2010. Hirco owns stake in one residential and one commercial development each, located in Panvel (Mumbai) and Chennai.
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