| Tue 9 Dec 2003, 16:38 | | PRESS ANNOUNCEMENT |
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DECILLION LIMITED - PRESS ANNOUNCEMENT
DECILLION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/011692/06)
Share code: DEC
ISIN: ZAE000017612
("Decillion" or "the company")
Andrew Makanete appointed MD of Decillion Agri Services
Decillion today announced the appointment of Andrew Lehlohonolo Makenete as the
Managing Director of Decillion Agri Services (Pty) Ltd, the commodity financing
and risk management arm of the Decillion group.
Decillion is a niche financial services firm listed on the JSE Securities
Exchange South Africa.
Makenete studied economics at North Carolina Agricultural and Technical State
University and at the University of Natal before completing a course on Macro
Economic Policy and Management - Open Market Operations at Harvard. He has
substantial experience in the agricultural industry, having worked in the
Department of Agriculture of Lesotho and having managed a black empowerment
investment company, Baasa Holdings, before joining Ebony Consulting
International where he spearheaded their agri-research unit for two years.
Makenete is currently a non-executive director of the Land Bank.
Makenete says that he is "excited by the opportunity, particularly given the
unique positioning of Decillion Agri Services as one of very few black empowered
firms in the agri industry, and the excellent reputation that Decillion Agri
Services has for research, strategies, finance and procurement in the grain
markets."
Commodity financing and risk management have become essential elements in the
business strategies of farmers and agricultural organisations.
Decillion Agri Services provides commodity price risk management and related
procurement and advisory services. These are effected through leveraging the
derivative products specialisation within the greater Decillion group, and
through grain trading and grain hedging activities. Clients include millers,
farmers, feedlots, agricultural companies and co-operatives.
Makenete says there are opportunities for Decillion Agri Services to expand its
current grain financing operations, to expand into other tradable commodities
and to grow its business book through new initiatives with the commercial
agricultural sector.
"We will also look into the development of new products for the emerging
agribusiness sector and farmers, and Black Economic Empowerment opportunities
and deals, including winning some government-related business."
Decillion owns 70% of Decillion Agri Services. The remainder is held by the
South African Agricultural Development Trust, a joint venture between NERPO,
NAFU, the University of Fort Hare and African General Equity.
NERPO, the National Emerging Red Meat Producers Organisation, and NAFU, the
National Farmers Union, represent the emerging red meat producers and the
umbrella body of emerging farmers respectively, concentrating on education,
raising finance and collaborative bargaining for these constituencies.
Decillion Agri Services currently runs an intern programme for graduate members
of its outside stakeholders. Dr Christo Auret, Director of Market Intelligence
and Customer Services at Decillion Agri Services confirmed the excitement of the
team to their latest appointment. "We have known Andrew for many years, and we
expect his entrepreneurial experience and broad contact base in the industry to
provide a sound platform for our next stage of growth."
"Andrew starts with us on 1 January 2004," said Trevor Davis, Managing Director
of Decillion Capital.
"His appointment demonstrates our serious intention with regard to
transformation and employment equity. Andrew will join the Decillion Capital
Executive Committee and is our highest ranking black executive in the company.
He joins an advisory team that comprises a further 18 professionals, of which we
have 4 black males, 1 black female and 3 white female team members. Our
commitment to black empowerment is primarily internal at this stage. We are
concentrating on ensuring that our management of the future is representative of
the new economy.
"Our Board and control structures already reflect a transition. The Mineworkers
Investment Company (MIC) holds 8% of Decillion. Paul Nkuna, CEO of the MIC, is a
non-executive director of Decillion. Nkuna also sits on the boards of Primedia
and SAA. Other non-executive directors of Decillion include Jeff Molobela, who
is also a member of the Transnet board, and Prof Nicky Morgan, Vice Chancellor
- University of Transkei," Davis said.
For further information, please contact:
Trevor Davis, MD Decillion Capital
Tel: (011) 217 9000
Johannesburg
9 December 2003
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 09/12/2003 04:26:06 PM
Produced by the JSE SENS Department
