| Wed 25 Apr 2012, 17:20 | | KAP - KAP International Holdings Limited - Changes to the KAP board |
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KAP
KAP
KAP - KAP International Holdings Limited - Changes to the KAP board
KAP INTERNATIONAL HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration Number 1978/000181/06)
Share code: KAP
ISIN: ZAE000059564
("KAP")
CHANGES TO THE KAP BOARD
APPOINTMENT OF NEW CHIEF EXECUTIVE OFFICER
Shareholders are referred to the announcement on Friday 30 March 2012 in which
they were advised that the acquisition by KAP of the Steinhoff Industrial
Assets, comprising Unitrans, PG Bison and other raw material businesses ("the
acquisition") was approved by the Competition Tribunal of South Africa and that
the acquisition had accordingly become unconditional.
Following the acquisition and in order to safeguard the on-going efficient and
successful management of the enlarged KAP business, the board is pleased to
announce that Mr Karel Johan (Jo) Grove has been appointed as an executive
director and Chief Executive Officer of the enlarged KAP, with immediate effect.
Mr Grove has served as the CEO of Unitrans since 1998 and has vast operational
experience across many industries. His experience as a CEO within a listed
environment (gained at Unitrans), and his demonstrated ability to grow diverse
businesses through decentralised management structures is expected to benefit
the enlarged KAP group.
Mr Grove takes over from Mr Paul Cornelis Thomas Schouten. Mr Schouten will
resign as an executive director of KAP simultaneously with the appointment of Mr
Grove, but will remain part of the executive committee and will be responsible
for the industrial assets that comprised KAP prior to the acquisition. The board
wishes to thank Mr Schouten for the exceptional role he has played as CEO of KAP
since his appointment in 2003. Mr John Peter Haveman will remain an executive
director and the CFO of KAP.
CHANGES IN NON-EXECUTIVE DIRECTORATE
Following the acquisition, the Unitrans logistics business will represent the
majority of the newly constituted KAP group`s assets, followed by the PG Bison
integrated timber segment. The KAP board is, therefore, pleased to announce the
following appointments to the non-executive directorate, which it believes will
add an appropriate and experienced skill set to that of the existing non-
executive directorate.
Mr Christiaan Johannes Hattingh (Chris) van Niekerk, to be appointed as a non-
executive board member. The appointment of Mr van Niekerk is based on his wide
operational experience in various industrial industries within the African
environment, and in particular his intimate knowledge of the African integrated
timber industry.
Mr Andries Benjamin (Ben) la Grange to be appointed as a non-executive board
member, and a member of the audit committee. Mr la Grange`s broad financial
skills and in particular his financial knowledge and experience of the acquired
Steinhoff assets will assist the board further in managing the financial affairs
of the enlarged group.
The board congratulates the new board members on their appointment and looks
forward to their contribution to KAP.
25 April 2012
Paarl
Date: 25/04/2012 17:20:01 Produced by the JSE SENS Department.
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