Pretoria - Eric Molobi, the chairman of Kagiso Trust Investment Company and a director of several listed companies, has been appointed non-executive deputy chairman of listed transportation and mobility group Imperial Holdings, with immediate effect.
Molobi has been a non-executive director of Imperial Holdings since 1998.
Bill Lynch, Imperial's chief executive, said yesterday Molobi's appointment was aimed at strengthening the independence and effectiveness of the board.
Imperial Holdings also announced other appointments.
Ukhamba Holdings, the broad-based black economic empowerment company which was entitled as Imperial's empowerment partner to appoint two representatives to Imperial's board, has appointed Max Sisulu, its non-executive chairman, and Veli Mokoena, its chief executive, as its board representatives with immediate effect.
In the terms of Imperial's empowerment initiative, Ukhamba Holdings would acquire a 10.1 percent direct shareholding in Imperial Holdings worth about R1.5 billion at the current Imperial share price.
Ukhamba would be issued deferred ordinary shares in Imperial that would be converted into ordinary shares on an annual basis over a seven-year period, to commence on June 26.
The conversion of the deferred ordinary shares into ordinary shares would take place in terms of an earnings-based value formula based on the extent to which Imperial's actual headline earnings exceeded predetermined earnings hurdles.
A portion of these excess earnings were attributable to Ukhamba and would fund the acquisition of the shares.
Imperial also announced new additions to the group's executive committee, with immediate effect: Terry Bantock, the head of logistics southern Africa; Hubert Brody, head of the motor vehicle dealerships and group treasurer; and Nazeer Hoosen, the managing director of Regent Life Assurance.
Imperial was unchanged at R66.65.