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PHEMBANI GROUP PROPRIETARY LIMITED …€¦ · PHEMBANI GROUP LEADERSHIP TEAM 23-31. ... Financial...
Transcript of PHEMBANI GROUP PROPRIETARY LIMITED …€¦ · PHEMBANI GROUP LEADERSHIP TEAM 23-31. ... Financial...
Company ProfileAugust 2017
PHEMBANI GROUP PROPRIETARY LIMITED (“PHEMBANI”)
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ITEMS COVERED IN THIS DOCUMENT
ITEM PAGE #
HISTORY OF PHEMBANI 3
OUR INVESTMENT PHILOSOPHY 5
PHEMBANI SHAREHOLDING 8
PHEMBANI VISON 10
ADVANTAGED PORTFOLIOS 12
STRAGEGY PROCESS 14- 15
THE PORTFOLIO AT THE STRAGEY REVIEW 17
THE POTFOLIO POST THE STRATEGY REVIEW 19-21
OUR OPERATING MODEL 22
PHEMBANI GROUP LEADERSHIP TEAM 23-31
HISTORY OF PHEMBANI
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HISTORY AND EVOLUTION OF THE PHEMBANI GROUP
Phembani was founded in 1993 and in 2015 had a transformational merger with Shanduka implemented on 11December 2015
The current Deputy President of South Africa, Cyril Ramaphosa, was instrumental in the formation and growth ofShanduka, which was founded in 2001 as a black-owned investment holding company
Mr Ramaphosa divested of his holding in Shanduka in order to pursue his governmental duties without any perceivedconflict of interest
Shanduka had a broad investment mandate that spanned numerous sectors and countries
– Key Sectors: Resources, food, beverages
– Opportunistic Sectors: Financial services, energy, telecoms, property and industrial sectors
– Country exposure: South Africa, Mozambique, Mauritius, Ghana and Nigeria
– Shanduka often took small BEE stakes in companies at big discounts or Vendor financed and viewed them as“options” to create value
Phuthuma Nhleko co-founded Phembani Group in 1994 (alongside the late Max Maisela, Lot Ndlovu, WisemanNkuhlu and later-on Khaya Ngqula) and successfully oversaw the evolution from a start-up black economicempowerment (“BEE”) company to a resource, infrastructure and energy-focused investment holding company
– Phuthuma is widely respected and credited for establishing MTN as a leading international mobile networkoperator
– He leads a board of directors with even stronger networks, built across the African continent over several decades,are expected to generate many future transaction opportunities for Phembani
– Phembani Management has deep strategic and operational experience in executing new and growing existingbusinesses in SA and Africa.
Before the merger with Shanduka, Phembani completed investments in different aspects of the energy, resourcesand infrastructure related sectors including
– Oil and gas: Engen and Afric Oil
– Coal: Exxaro, BECSA, and Phembani Coal Carolina
– Infrastructure: AfriSam
Post-merger, Phembani had 28 investments valued at c.ZAR8bn across the combined portfolio, which it isrationalising to concentrate on defined platforms and investments and obtaining strategic control in most of theseinvestments
Phuthuma Nhleko was one of thefounders of Phembani in 1993
Shanduka was formed by CyrilRamaphosa in 2001. Cyril’sappointment as Deputy Presidentof South Africa was the catalystfor the groups to merge in 2015
OUR INVESTMENT PHILOSOPHY
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OUR INVESTMENT PHILOSOPHY
Deliver significant NAV growth to our capital providers
By investing in the mining, infrastructure, energy and
industrial services sectors across Sub-Sahara Africa
Preferably seeking positions where we have the ability to exercise strategic influence
CONTROL/ STRATEGIC INFLUENCE
- Shareholder relationships
- Board influence
- Board appointments
- Executive management appointment
- Management performance incentives
To support long-term performance of investee
companies as well as broad based economic empowerment
Whilst demonstrating sustainable impact on the
communities, countries and the continent
Our priority where possible is to
“control” our under lying investments. We will try attain strong influence
where not possible
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OUR TWO-PRONGED VALUE PROPOSITION
Active investor seeking
positions where we can
influence strategic
direction of assets
Long-term track record of
delivering NAV growth
PHEMBANI GROUP
Developed in-house expertise in Pan African
investment
Reputation as a company
supporting the transformation agenda in South
Africa
Built a strong network of
partners providing access to unique
deal flow opportunities
Help drive sustainability
and transformation in operations
Offer mergers and acquisition
support services
PHEMBANI GROUP
Support regulatory interfaces of assets e.g. mining licence
application
Improve BEE rating of investee
company through black
shareholder and appointment of
black board members
Support community and
related stakeholder
management
Leadership with strong track record in growing NAV via M&A support and value added services including Sustainability and Transformation. Organic NAV growth through our expertise in our platforms is also a high focus for Phembani.
PHEMBANI SHAREHOLDING
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PHEMBANI SHAREHOLDING
Shareholding structure of Phembani
Standard BankOld MutualPhembani
Group Gen. Staff Trust
Mabindu Trust Broad Based
Phembani Group Mngt.
Staff Trust
Richtrau Number 94
Micawber 766Business Venture
InvestmentsJadeite
Captrust Investments
Treasury Shares
Aman Jeawon
Kennedy Gcinumuzi Bungane
PHEMBANI GROUP
Key
Foreign Based Entity
Treasury Shares
Individual Shareholders
Listed Entity
Trust
Company
PHEMBANI VISION
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“To build a leading Pan African Black-controlled
Diversified Industrial Company with investments in
Mining, Energy, Infrastructure, & Industrial Services
that rewards our investors, our partners and our
colleagues whilst inspiring our community, our country
and Africa”
OUR VISION
ADVANTAGED PORTFOLIOS
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ADVANTAGED PORTFOLIOS
We will evolve our portfolio into an “advantaged portfolio”
Strategically Sound Value Creating
Resilient1 2 3• Competitively Positioned• Balances Innovation• Creates Synergies
• Maximises Intrinsic Value• Addresses Market Value• Finds the Right Owner
• Survives Scenarios• Builds Optionality• Weighs Feasibility and
RiskKey Synergy TypesWell Positioned Portfolio Creating Intrinsic Value
Ability to win
Ind
ust
ry a
ttra
ctiv
enes
s High
HighLow
Management oversight benefits
Horizontal synergy benefits
Downward synergy benefits
Portfolio system benefits
Do we have synergies that ensure the value of the portfolio is greater than the sum of the parts?
Stop Value Destruction
Improve Profitability
Grow Asset Base
Maximise Value Creation
SDB
High
HighLow
Return on Invested Capital (ROIC)
Ass
et
Gro
wth
It is difficult to optimise across all criteria. An Advantaged Portfolio will make trade-offs across criteria to find the most compelling balance
STRATEGY PROCESS
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STRAGEGY PROCESS
Our strategy has been developed through a structured process
During the development of ashared vision and directionalstrategy for Phembani, theExecutive Team employed thecascading choices framework andobtained guidance and approval ofour 2020 strategy and targets onthe 18th February 2016.
What are our goals and
aspirations?
Where willwe play?
How willwe win?
How will weconfigure?
What are ourpriority
initiatives?
• What do we aspire to be?
− South African transformation success story?
− Diversified heavyweight?
− African power house?
− Driver of shareholder returns?
• What are our goals?
• Which industries?
• Which geographies?
• Where in the value chain?
• Where are we not going to play?
• What type of assets?
• What are our competitive advantages?
• When and how will we enter and exit opportunities?
• What performance level is required?
• How to manage stakeholders?
• How will we structure ourselves?
• What will be Phembani’s operating model?
• What synergies can be leveraged across the portfolio?
• Do we have the right skills and capabilities to be successful?
• What is required to enable our chosen operating model:
developing a values based organisation
Promoting a progressive organisational culture wherein our people, systems and processes are aligned with our vision.
• What portfolio of assets?
• How to prioritise and sequence these focus areas?
• How to manage cash and fund growth?
• What immediate moves to make?
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STRAGEGY PLAN
We have a 2020 strategic plan built around growing investments platforms in Mining & Energy, Power &
Infrastructure and Industrial Services
9-15 months
12-18 months
12-24 months
Potential liquidity event
2019 /2020
Post liquidity event and value narrative
Phase 3
Phase 1
Phase 2
Set-up for success
Prepare for Liquidity event
Grow and Build
In the build up towards a liquidity event, Phembani will aim to:
Focus on core assets, clean up the balance sheet in order to support our growth agenda;
Grow and build core assets into key investment platforms;
Grow NAV per share above 12.5% CAGR; and
Develop a growth and value narrative for investors.
OUR OPERATING MODEL
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THE OPERATING MODEL
Our operating model supports our intent to develop key investment platforms
Business Platforms
* EXCO Member
CEO Chief Executive OfficerCOS Chief of StaffCFO Chief Financial Officer
CEO
Business Enablement
•HR•Comms
•CSI•Other
COS *
COOs *
Mining
VAS *
S&T Advisory
CIO *CFO *
M&A *Finance
IT / Facilities Management
Integrated
Corporate Governance *
Commercial Legal
Company Secretary
Risk Management
Legend: CIO Chief Investment OfficerCOO Chief Operating Officer
Infrastructure and Industrial ServicesEnergy
PHEMBANI GROUP LEADERSHIP TEAM
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PHEMBANI GROUP LEADERSHIP TEAMBOARD OF DIRECTORS
Phuthuma Nhleko (Group Chairman)
Kennedy Bungane (Executive Director: Chief Executive Officer)
Sizwe Nkosi (Executive Director: Chief Financial Officer)
Alex Otto (Executive Director: Chief Investment Officer)
Benjamin Boa (Non-Executive Director)
Wenye Yao (Non-Executive Director)
Paul Boynton (Non-Executive Director)
Chumani Kula (Non-Executive Director)
Jacko Maree (Independent Non-Executive Director)
Litha Nyhonyha (Independent Non-Executive Director)
Alan Schlesinger (Independent Non-Executive Director)
Roddy Sparks (Independent Non-Executive Director)
Sindi Mabaso Koyana (Independent Non-Executive Director)
Moses Kgosana (Independent Non-Executive Director)
Siphokazi Koyana (Independent Non-Executive Director)
Jaco Kriek (Observer on behalf of Standard Bank of South Africa Limited)
AUDIT & RISK COMMITTEE
Litha Nyhonyha (Chairperson: Independent Non-Executive Director) Alan Schlesinger (Independent Non-Executive Director)Sindi Mabaso Koyana (Independent Non-Executive Director)Moses Kgosana (Independent Non-Executive Director)Paul Boynton (Non-Executive Director)
REMUNERATION COMMITTEE
Roddy Sparks (Chairperson: Independent Non-Executive Director) Phuthuma Nhleko (Chairman)Jacko Maree (Independent Non-Executive Director)Moses Kgosana (Independent Non-Executive Director) Sindi Mabaso Koyana (Independent Non-Executive Director) Paul Boynton (Non-Executive Director)Siphokazi Koyana (Independent Non-Executive Alternate Director)
INVESTMENT COMMITTEE
Alan Schlesinger (Chairperson: Independent Non-Executive Director) Phuthuma Nhleko (Non-Executive Chairman)Paul Boynton (Non-Executive Director)Wen Yao (Non-Executive Director)Jacko Maree (Independent Non-Executive Director)Roddy Sparks (Independent Non-Executive Director) Litha Nyhonyha (Independent Non-Executive Director)
Jaco Kriek (Observer on behalf of Standard Bank of South Africa Limited)
SOCIAL & ETHICS COMMITTEE
Phuthuma Nhleko (Chairman)Alan Schlesinger (Independent Non-Executive Director) Litha Nyhonyha (Independent Non-Executive Director)Siphokazi Koyana (Independent Non-Executive Alternate Director)
COMMITTEE LEAD EXECUTIVES:
Alex Otto Investment Committee Lead ExecutiveSizwe Nkosi Audit & Risk Committee Lead Executive on Audit & Finance matters Aman Jeawon Audit & Risk Committee Lead Executive on Operational Risk mattersCharlene Nyembe Remuneration Committee Lead Executive and Social & Ethics Committee Lead
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PHUTHUMA NHLEKO: CHAIRMAN AND CO-FOUNDER
MTN implemented an aggressiveexpansion strategy under PhuthumaNhleko, establishing its footprint as aleading African mobile network operator
MTN entered its first market as SouthAfrica’s second mobile network operator in1994In 1998 MTN began to roll out itsexpansion strategy by acquiring licenses inRwanda, Uganda and Swaziland.MTN’s Africa and MENA footprint wasmostly cemented during Phuthuma’stenure as CEO in the 2005/2006 periodthrough key acquisitions such asInvestcom and Mascom which brought itsfootprint to 21 countriesIn 2015, MTN has shifted its strategytowardsIncreasing the 3G and LTE coverage andimproving network quality and capacityDiversifying revenue streams throughintegrating financial services and alikeDivesting of non-core assets, such as towerinfrastructure in operating regionsPhuthuma Nhleko is currently theexecutive chairman of the MTN Group
MTN Milestones in Phuthuma’s CEO tenure
2001 • Acquires license in Nigeria
2002 • First to offer GPRS in South Africa
2003• First to combine benefits of contract with control of
prepaid (MTN Mychoice)
2004 • Listed in UNEP’s Global top 50 companies for sustainability reporting
2005
• One of the first 3 operators in Africa to launch 3G• Acquires license in Ivory Coast, Zambia, Congo-
Brazzaville and Iran, as well as a stake in Mascom (Botswana)
2006
• Acquires Investcom LLC and expands its footprint to 21 countries
• Announces its US$65m sponsorship of the 2010 Fifa World Cup
2007• Launches dynamic tariffing system MTN Zone in South
Africa
2008• MTN group awarded African Mobile Operator of the
year at the 3rd annual Comms MEA Awards
2009• Launches MTN Mobile Money in Ghana, Benin, Ivory
Coast, Cameroon, Uganda and Yemen
2010• Rated one of the 30 hottest brands in the world at
Adage
2011 • First African operator to launch an LTE network
Phuthuma Nhleko Bio
Independent Non Executive Director,
Member of Chairman’s
Committee and Member of Geopolitical
Committee: BP p.l.c
• Co-founder and Executive Chairman of Phembani Group
• Served as Group Chief Executive Officer at MTN Group from July 1, 2002 to March 2011
• President at MTN Group until March 2011. • Previously served as a Senior Executive of the
Standard Corporate and Merchant Bank corporate finance team from 1991 to 1994
• BSc in Civil Engineering from Ohio State University, MBA in Finance from Atlanta University
Operational footprint
32%
29%
5%
14%
20%
48%
29%
3%
1%19%
2006
2011
2015
R146bn
R121bn
R52bn
MTN currently operates
in 22 countries
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KENNEDY G BUNGANE: CHIEF EXECUTIVE OFFICER
Kennedy has a proven track record fordriving growth strategy and turnaroundprograms in difficult market conditions
Kennedy has had over 25 years of bankingexperience spanning over Standard Bankand ABSA Group Limited (“ABSA”).21 of these years were with Standard Bankwhere he rose through the ranks and atdifferent times became Director in chargeof Global Markets, Corporate Banking andStrategic Equity Investments.In 2009 Kennedy was invited to join theStandard Bank Group ExecutiveCommittee and later appointed CEO ofSBSA CIB.During his tenure Kennedy helped growSBSA CIB. SBSA CIB was at the time thelargest Corporate and Investment Bank byassets and profitability in Africa.In 2012 Kennedy joined ABSA as amongstothers, the Chairman and CEO of BarclaysAfrica Limited responsible for 13 banks inthe rest of Africa.Kennedy led the sale of Barclays AfricaLimited to ABSA Group Limited, thistransaction led to the formation of theBarclays Africa Group Limited (“BAGL”).In August 2014 Kennedy joined Phembani.He recently led the teams that concludedthe merger of Phembani and Shanduka.
Kennedy Bungane Bio
Chief Executive Officer of Phembani Group Proprietary
Limited
• Served as Chief Executive of Barclays Africa Limitedat Absa Group.
• He served as the Chief Executive of Corporate &Investment Banking at Standard Bank of SouthAfrica Ltd. from November 2009 to May 2012
• Served as National President of the Association ofBlack Securities & Investment Professionals, and asNegotiator in the formulation of the financialservices charter since 2003.
BAGL Footprint
Standard Bank milestones with Kennedy as CEO of CIB SA
2010• Most Innovative investment Bank - The Banker Africa
- Year 2010
2011• Best investment bank in South African and Africa
Global Finance Magazine
2012
• Best investment Bank in Africa DealMakers - Year 2012• Best local investment Bank EMEA Finance South
Africa • Best investment bank Global Finance Magazine
0 Barclay’s Africa milestones with Kennedy as CEO of Barclays Africa Limited
2012 • Barclays and Absa in discussions to combine African operations
2013
• SA and some African regulators responsible for 13 banks approve the combination of the majority of Barclays Africa operations with ABSA resulting in the formation of Barclays Africa Limited with ABSA Group limited
• Contributing to the creation a high-quality franchise in Africa with a leading network of more than 1,300 outlets and 10,400 ATMs across ten countries
2014• Barclays Africa named ‘Best Investment Bank’ and
‘Best M&A House in Africa’ at Prestigious 2014 Euromoney Awards
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LEADERSHIP TEAM
SIZWE NKOSI
CHIEF FINANCIAL OFFICER
CA (SA), MBA
Sizwe is the Executive Director and Chief Financial Officer at Phembani. His 15 years’ experience post completion of articles is predominantly in Mining experience includes coal, diamonds, phosphates and commodities trading. His most recent endeavour was driving the successful take-over of Metmar Limited, a JSE listed company where he held the Group CFO position, by Traxys Group, a USA headquartered company controlled by the Carlyle Group.
He secured his CTA in the University of Natal (Durban), completed his articles with Ernst and Young and qualified as a chartered accountant in 2001. Sizwe also holds an MBA from the University of Cape Town Graduate School of Business.
ALEX OTTO
CHIEF INVESTMENT
OFFICER
B.Com Hons
Alex is an Executive Director and Chief Investment Officer of Phembani, with responsibility for M&A and Infrastructure. Alex joined Phembani in May 2016 after 18 years’ experience in Investment Banking.
He is a former Head of Principal and Structured Finance at Standard Bank’s Investment Banking Division, which role he held from 2012 to middle 2015. His vast experience over the past 12 years in Standard Bank’s Investment Banking Division also includes being Head of Mezzanine Finance, member of the Private Equity and Acquisition Finance teams as well as Head of Top Tier Coverage.
Prior to Standard Bank, he was 4 years at Brait and before that at Citi Bank. As deal maker in Investment Banking he played a significant role in the merger of Phembani Group and Shanduka Group and was previously involved in Phembani’s 30% acquisition of AfriSam as well as other transactions and thus has a good knowledge and understanding of the Group and its investments.
PHUTHUMA FREEDOM NHLEKO
NON-EXEC CHAIRMAN AND CO-FOUNDER OF PHEMBANI
B.Sc (Eng), MBA
Phuthuma’s energy and perseverance drives the group and management team.
During his nine year tenure as CEO of MTN (the sixth largest company on the JSE), MTN’s market capitalisation grew from R20 Billion to well over R250 Billion.
Phuthuma co-founded Phembani Group as Worldwide Africa Investment Holdings (“WAIH”) in 1994 with Wiseman Nkuhlu, Khaya Ngqula, Maxwell Maisela, Lot Ndlovu and Maude Motanyane. WAIH was subsequently renamed Phembani (Pty) Limited. Phuthuma successfully oversaw the evolution from a start-up black economic empowerment (“BEE”) company to a resource, infrastructure and energy-focused investment holding company.
His strong networks, built across the African continent over several decades, are expected to generate many future transaction opportunities for
Phembani.
KENNEDY GCINUMUZI BUNGANE
CHIEF EXECUTIVE OFFICER
B.Com, MBA, AMP Harvard Business School
Kennedy joined Phembani in August 2014 and led the team in concluding the merger between Phembani and Shanduka. He has since been at the forefront of harmonising the two entities, formulation and execution of the strategy to build a black-controlled pan-African Industrial holdings giant.
Before joining Phembani, Kennedy served as Chief Executive of Barclays Africa Limited in 2012 with responsibility for 13 banks in the rest of Africa. Kennedy led the sale of Barclays Africa Limited to ABSA Group Limited in a transaction that led to the formation of Barclays Africa Group Limited in September 2013, and then led the formulation of the “One Barclays in Africa strategy”!
Prior joining Barclays, Kennedy was employed at Standard Bank of South Africa since 1992. Wherein he rose through the ranks to serve as a member of the Standard Bank Group Executive Committee and the Chief Executive of Corporate & Investment Banking from 2009 to May 2012. During his tenure, Kennedy helped grow SBSA CIB and it was at that time SBSA CIB became the largest Corporate and Investment Bank by assets and profitability in Africa.
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BOARD
CHUMANI KULA
NON EXECUTIVE DIRECTOR
Chumani joined Old Mutual Private Equity as Investment Principal in February 2008. Prior to joining Old Mutual Private Equity, Chumani was a trainee accountant in the Old Mutual TOPP programme for three years.
He holds B BusSC (Hons: Finance),BCom (Hons: Accounting) , CA(SA) and CFA Charter qualifications.
Chumani currently serves on the boards of MoreCorp, Idwala (Alt), Actom (Alt), and Advisory Board of Ethos (Alt).
BENJAMIN BAO
NON EXECUTIVE DIRECTOR
Benjamin has been overseeing investment projects in infrastructure, energy, oil and gas, minerals and related investment funds at China Investment Corporation (“CIC”) Capital Corporation since 2015. He has taken the leadership in managing North American fund investments and private credit market investments at the Private Equity Department at CIC
Benjamin graduated from Shanghai Jiaotong University in 1990.
He started his career with China Construction Bank focusing on feasibility assessment of infrastructure projects. He was Head of the Export Credit department at Export-Import Bank of China, during his tenure there, Benjamin led and engaged in almost 100 financing projects on export credit. He was also a Director of China Transportation team, Manager of HSBC Northern China Area, and Vice President of HSBC Beijing branch
RODDY SPARKS
NON EXECUTIVE DIRECTOR
Roddy is a former Managing Director of Old Mutual South Africa, having previously been General Manager Investments at Old Mutual.
He holds a B.Com , CA(SA) and MBA qualification.
He serves on the boards of Imperial Group, Truworths and Trencor, which are all listed on JSE. He is also a director of a number of unlisted companies. He chairs the advisory board of the College of Accounting at UCT and is a member of Foodbank SA, an NGO focussing on hunger relief.
JACKO MAREE
NON EXECUTIVE DIRECTOR
Jacko stepped down as Group Chief Executive of Standard Bank in March 2013 after more than 13 years at the helm of Africa’s largest bank which operates in 18 countries on the continent.
He holds a Bachelor of Commerce (cum laude) degree from Oxford University as a Rhodes Scholar where he graduated in 1980 with a first class M.A. degree in Politics, Philosophy and Economics.
Jacko was appointed Chairman of Liberty Group and Deputy Chairman of Standard Bank. Jacko is a member of the International Advisory Council of China Investment Corporation (CIC) and a former member of board of the Institute of International Finance and the International Monetary Conference.
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ALAN SCHLESINGER
INDEPENDENT NON
EXECUTIVE DIRECTOR
Alan has 40 years’ experience and achievement at senior level, in a broad range of business activities, including both corporate and operational responsibilities. He has had overall direct responsibility for businesses whose activities include manufacturing, wholesale distribution of industrial and consumer products, various aspects of the motor industry, large-scale furniture retailing, property and construction.
Alan holds a B.Com degree and a Diploma in Advanced Financial Management.
He has held various non-executive directorships, including over 10 years on the board of Shanduka Group (“Shanduka”). He has been chairman of the Shanduka remuneration committees member in investment committees and audit and risk committees of public and large private companies.
LITHA MVELISO NYONYHA
INDEPENDENT NON
EXECUTIVE DIRECTOR
Litha played a leading role in restructuring and developing Financial Services Strategy for Worldwide African investments and NBC From 2001-2004. On leaving Worldwide, Litha together with his current partners established Regiments Capital a black managed and controlled investment banking boutique house.
He qualified as a CA in 1989 and holds a BCom and Honours in Accounting degrees from the University of Cape Town.
Litha is also a Non-Executive Director serving on the boards of companies listed on the Johannesburg Stock Exchange namely; Kumba Iron Ore and explosives and Chemicals company AECI.
SINDI MABASO KOYANA
INDEPENDENT NON
EXECUTIVE DIRECTOR
Sindi is currently the Executive Chairperson of Advanced Capital and Chairperson of the Advanced Group of Companies a group actively invested in mining services for growth. Her illustrious career included being Managing Director of Viamax Logistics (a subsidiary of the Transnet Group) Group CFO of Transnet, Executive Partner at Ernst & Young responsible for Quality &Risk Management.
She is a qualified Chartered Accountant and former Chairperson of the Audit and Compliance Committee.
She has served on a number of boards Transnet, SAA, South African Institute of Chartered Accountants, MTN, SANRAL and Armscor which she also had to chair temporarily. Her current board positions include Adcorp, Altron Group, MTN Zakhele, and Toyota SA.
MOSES KGOSANA
INDEPENDENT NON
EXECUTIVE DIRECTOR
Moses is the Chairman of Alexander Forbes and founding member of KMMT Chartered Accountants, which merged with KPMG in 2002. Previously he was the Chairman of the Policy Board and Executive Director of Consumer Markets for KPMG South Africa. He was also the Chairman of KPMG Africa and a member of KPMG’s Europe Middle East Africa.
He holds an Executive Development Programme from GIBS, is a qualified Chartered Accountant and has a Hons Bachelor of Accounting Science from UNISA.
He sits on a number of boards, including Alexander Forbes Limited, Famous Brands Limited and Massmart Holdings Limited.
BOARD
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DR. SIPHOKHAZI KOYANA
INDEPENDENT NON
EXECUTIVE ALTERNATE
DIRECTOR
Dr Koyana is a Director of Siyazithanda Projects, a research consultancyshe established more than a decade ago. She is also the Director ofAspigon Training Solutions, a Skills Development and Training consultancythat facilitates the provision of the GED programme by various parties.
She holds a BA from Smith College, Massachusetts, an MA from YaleUniversity, and a PhD from Temple University, Philadelphia.
Dr. Koyana has previously served as a non-executive director on theBoards of Shanduka Group and the Transnet Foundation. She currentlyserves on the Board of Sasol Inzalo Public Limited and of Wings TravelManagement.
PAUL BOYNTON
NON EXECUTIVE
ALTERNATE DIRECTOR
Paul is currently the CEO of Old Mutual Alternative Investments.He joined Old Mutual as the portfolio manager of the Old Mutual Life Funds and then as Head of Investment Views.
Paul served his articles with Deloitte and was an investment banker at Investec for 7 years. He holds a BCom, BSc (Hons), CA (SA), MBA, FCMAand CGMA qualification.
WEN YAO
INDEPENDENT NON
EXECUTIVE ALTERNATE
DIRECTOR
Wayne Yao is a Managing Director of CIC Capital Corporation (“CICCapital”), a wholly owned subsidiary of China Investment Corporation(“CIC”). Mr. Yao is responsible for CIC Capital’s global investment in themetals and mining industry and management of its existing portfolioassets in the same sector.
Prior to joining CIC Capital in 2015, Mr. Yao was a Managing Director atthe Legal and Compliance Department of CIC since 2010. He has extensiveexperiences and knowledge in the legal aspects for the investment inpublic and private companies, post-investment management andcompliance, risk management, corporate governance policies and variouscorporate matters.
Prior to CIC, Mr. Yao was in private practice at leading international lawfirms in the United States (the “U.S.”) and the United Kingdomrepresenting public and private companies in a variety of industries,mergers and acquisitions, private equity investments and financings,venture capital financings, strategic alliance and joint venturetransactions, public and private offerings, and cross-border transactions.
Mr. Yao received Master of Business Administration and Juris Doctordegrees from Kellogg School of Management and Pritzker School of Lawof Northwestern University in the U.S., respectively.
BOARD
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