JASCO ELECTRONICS HOLDINGS LIMITED - CHANGES TO JASCO EXECUTIVE TEAM
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003293/06)
Share code: JSC ISIN: ZAE000003794
`Jasco` or the `Group`
Website: www.jasco.co.za
In compliance with the requirements of rule 3.59 of the Listings Requirements of
the JSE Securities Exchange South Africa, Jasco announces changes to its
executive team. The changes will come into effect immediately.
In the Group`s recent interim results announcement on 7 October 2004, Jasco
confirmed that its turnaround strategy was gathering momentum. Rapid changes in
the industry, in particular in telecommunications, as well as the group`s
established empowerment credentials have placed Jasco in a solid position for
continued growth.
To ensure the Group is able to fully exploit its future business opportunities,
Jasco`s Board has refocused the responsibilities of the executive management
team as follows:
* Jasco`s CEO, Dr Stuart Robertson will concentrate on identifying, executing
and driving the Group strategy;
* Joe Madungandaba (the CEO and co-founder of Community Investment Holdings,
Jasco`s BEE partner and major shareholder) has been appointed Jasco`s Managing
Director (MD); and
* The responsibilities of the current Financial Director, Martin Lotz will be
expanded to that of Group Chief Operating Officer (COO). He will be responsible
for the internal management of Jasco`s operating divisions and will report to
the MD. Until the restructuring is finalized, he will continue with his current
financial duties and as company secretary.
Further details of the restructuring will be announced in due course.
By order of the Board
Jasco Electronics Holdings Limited
Woodmead 18 November 2004
Date: 18/11/2004 04:45:03 PM
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