Gorenje Shelves Capital Injection Plans

Bobinac said that the proposal was removed from the agenda of the session representing 58.98% of the company's capital on the basis of an agreement with major shareholders of Gorenje.

"In the new proposal we will determine in more detail the volume, structure and price of shares and all procedures related to the capital increase, which will enable us to reach strategic goals and improve the capital structure," Bobinac told the press.

He added that the company is seriously considering being listed on a foreign stock exchange as it "does not want to be a hostage of the Slovenian capital market".

The initial proposal envisaged a capital raising in the amount of up to 50% of the share capital or EUR 33.1m in the next five years.

Gorenje shareholders meanwhile endorsed the management's proposal that last year's EUR 2.2m profit remain undistributed. The state-owned KAD fund proposed dividends of EUR 0.14 gross per share, but the proposal was rejected.

The general assembly also gave a discharge to the management for 2010 and appointed KPMG Slovenija for its auditor in 2011. One of the shareholders proposed that the company find other auditor, as KPMG Slovenija has been auditing Gorenje's operations for 10 years.