MVG MVGP
MVG
MVG/MVGP - Mvela Group CEO to step down
Mvelaphanda Group Limited
(Incorporated in the Republic of South Africa)
Registration number 1995/004153/06
Ordinary share code: MVG
Preference share code: MVGP
Ordinary share ISIN: ZAE000060737
Preference share ISIN: ZAE000073540
("Mvela Group" or "the Company")
MVELA GROUP CEO TO STEP DOWN
Mvela Group announced today that Yolanda Cuba is stepping down as CEO and
Executive Director of Mvela Group with effect from 31 December 2010. This
follows the conclusion of the successful listing and unbundling of Mvelaserve
Limited on the securities exchange operated by the JSE Limited on Monday the
29th November 2010 as well as the listing and unbundling of the Company`s
interests in Life Healthcare Limited and Health Strategic Investments Limited
earlier in the year.
Following these transactions, Mvela Group`s remaining interests are now only in
listed investments with the substantial share of the Company`s investments
having been distributed to Mvela Group`s shareholders. This is in accordance
with the strategy of realising and unbundling the Group`s assets and
distributing the proceeds to shareholders in the most efficient and orderly
manner in order to unlock value for shareholders, announced on 3 September 2009.
Yolanda Cuba has been the CEO of Mvela Group since 2007. Mikki Xayiya, Chairman
will be acting CEO until a replacement is appointed.
Mikki Xayiya, Chairman said:
"Yolanda has achieved a considerable amount during her tenure as CEO of
Mvelaphanda Group in building value for shareholders of the Company. Yolanda
has been instrumental in many of the Group`s investments and spearheaded the
efforts to realise value for shareholders in line with the board`s value unlock
strategy. She has been exemplary in her leadership. On behalf of the board, I
thank her for her huge contribution over the years and wish her well in her
future endeavours."
1 December 2010
Johannesburg
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 01/12/2010 15:00:01 Produced by the JSE SENS Department.
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