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Johannesburg - Troubled mass housing constructor Sea Kay has appointed Aaref Osman as its new CEO.
Osman's experience as a former senior official in the department of housing (now department of human settlements) will be valuable to Sea Kay, which has been suffocated by cash flow constraints due to non-payment for government contracts.
In November, Sea Kay told Fin24.com it was edging towards liquidation after government failed to pay it R218m for contract work.
Osman holds a BCom degree and is a member of the Institute of Bankers of South Africa. He spent almost 20 years in the banking environment before joining the department of housing.
Sea Kay has also appointed Anthony Green to its board as independent non-executive director with immediate effect. Green was previously the chief financial officer of the Gauteng department of housing.
"The newly-appointed directors have significant experience in and knowledge of public and government administration and procedures, housing policies and legislation and finance which should assist Sea Kay in its aim to become an even more significant partner to government in the housing sector," Sea Kay said in a Stock Exchange News Service (Sens) announcement.
The group's previous CEO, Farid Hartnick, has resigned from the board but will stay on until February 28 to hand over to Osman.
- Fin24.com