The new supervisors will also be tasked with appointing a new management as the company's Slovenian CEO Uroš Slavinec is leaving after 33 years in office.

Remho Beteiligungs, the coating division of the Vienna-based group Ring International Holding, published its intention to take over the remaining outstanding shares of Helios on Friday after paying EUR 106m for a 77.93% stake in the Slovenian coatings maker to a consortium of mostly state-owned shareholders on Thursday.

The new supervisory board will be slashed from eight to six members.

All members representing the capital will be Austrians: Gerald Martens, Ralph-Leo Lanckohr, Markus Hellerschmid and Gunter Vesko.

The smaller number of supervisors also means that workers will have two instead of three members on the board.

As the company's outgoing supervisory board met on Thursday, Slavinec announced his retirement from all positions at the Domžale based group as of 7 April.

Slavinec has been at the helm for 33 years during which time the Helios group has become the leading the manufacturer of coatings in SE Europe.

A new management will be appointed by the new supervisory board after Monday's shareholders' meeting. In the interim period, Helios will be run by the remaining board members.

Helios is one of the 15 companies the Alenka Bratušek has put on its priority privatisation list.

The majority stake in the company was sold by a group of mainly creditors that seized Helios shares, including the state-run SOD fund and insurers Modra Zavarovalnica and Zavarovalnica Triglav, and several banks, among them NLB, NKBM and Abanka Vipa.

Employing about 2,200 in more than 30 companies in 17 countries, Helios generated EUR 316m in revenue in 2013.