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Cape Town - Sekunjalo Investments has dispensed with the position of CEO, purportedly as part of a corporate restructuring.
The restructuring, which has been six months in the making, is aimed at "dis-establishing corporate head office" and transforming the empowerment group into a "decentralised holding company with subsidiary business units operating autonomously".
A brief Stock Exchange News Service announcement said that in terms of the restructure, the position of group CEO had been "dis-established".
This means that Sekunjalo CEO Mo Kajee will leave the empowerment group to pursue personal interests. Kajee rejoined Sekunjalo, of which he was a founder member, in 2006 after a stint as MD of fishing group Irvin & Johnson.
The announcement said Kajee would continue to be part of the Sekunjalo Group in an advisory capacity, and would represent Sekunjalo Investment Holdings (the controlling shareholder of Sekunjalo Investments Limited) on the Sekunjalo board as a non-executive director.
By Fin24.com's reckoning, that leaves the group's co-founder and major shareholder Iqbal Surve effectively in charge of Sekunjalo in his capacity as executive chairperson. Surve has in recent months acquired large parcels of Sekunjalo shares on the open market.
The other executive directorships belong to financial director Khalid Abdulla and Vukile Mehana (who is in charge of Sekunjalo's enterprise development). Cherie Hendricks was also appointed as an executive director at Sekunjalo in March.
Market sources said one of the more visible effects of the restructuring would be Sekunjalo moving out of its plush Steenberg head office to take up residence at subsidiary Premier Fishing's headquarters at the Waterfront.
No doubt rumours around Sekunjalo's intentions with Premier Fishing - which represents the bulk of the empowerment group's profits and underlying value - will also intensify.
Rumours doing the rounds in Cape Town suggest Premier Fishing is angling for a stake in West Point Fishing, a company owned by the Silverman family (who used to control listed fruit exporter WB Holdings).
- Fin24.com