ROLF Krecklenberg has resigned from the board of MFS Limited following the completion of the $409.2 million sale of a 65% stake in Stella Group to CVC Asia Pacific.
Krecklenberg will remain as managing director of Stella Group.
MFS has retained a 35% stake in Stella and MFS director Paul Manka would join the Stella board.
MFS also announced yesterday that as a result of the settlement of a number of asset sales, including the Stella transaction, MFS is in the process of repaying all its short term debt obligations.
The company has already repaid the $200 million loan facility to Fortress Credit Corporation.
Australian Property Journal
