JOHANNESBURG (Reuters) &#8211; The chairman of Vodacom Group, Jabu Moleketi, will step down from the board and retire on July 21, the South African telecoms firm said on Friday. 



Saki Macozoma, who is now lead independent non-executive director, will take over from Moleketi from July 22, Vodacom said in a statement. He was appointed to the board in 2017. 



Moleketi, 62, a former deputy finance minister, was appointed to the Vodacom Group board in 2009 and appointed chairman in 2017, replacing Peter Moyo. 



He is chairman of investment firm Brait SE and cement firm PPC and has served on several boards, including the Development Bank of Southern Africa, Remgro and Nedbank Group. 



Macozoma’s lead independent non-executive director role will be taken up by David Brown, the company said. 



(Reporting by Nqobile Dludla; Editing by Mark Potter)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN21E0YK-OZABS">https://af.reuters.com/article/investingNews/idAFKBN21E0YK-OZABS</a> and is republished with its permission.

Vodacom chairman to retire in July

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South Africa&#8217;s economy remains constrained and slowing global growth is adding to the pressure. Financial institutions have been pressured to revise down their GDP estimates. Nedbank Group&#8217;s Senior Economist, Nicky Weimar tells CNBC Africa’s Kopano Gumbi why they have halved growth estimates for the year to 0.4 per cent.

“Moody’s has every reason to downgrade us” – Nicky Weimar

JOHANNESBURG (Reuters) &#8211; South Africa’s Nedbank Group Ltd said on Monday it will buy back its stock from shareholders who hold less than 100 Nedbank shares as a result of a spin-off by its biggest shareholder Old Mutual.
Old Mutual, which holds 52 percent of Nedbank, has been dismantling its conglomerate structure, created after a series of acquisitions, since it moved its headquarters and primary listing to London in 1999.
As part of the plan, it spun-off a majority stake in Nedbank on Monday and now holds around 19.9 percent.
Nedbank, whose businesses include retail banking and asset management, said in September it had estimated that after the spin-off, it will have a large number of shareholders, increasing from about 20,000 to 500,000.
“For Nedbank Group it will, inter alia, reduce the complexity and ongoing administration costs associated with a significantly larger shareholder base including a sizeable number of Odd-lot holders,” it said in a statement.
Odd-lot holders are shareholders who hold less than 100 Nedbank shares, estimated to be 1.5 percent of its ordinary shares in issue.
Nedbank’s offer price will be at a 5 percent premium to the 10-day volume weighted average price of a Nedbank share at the close of business on Dec. 3, it said. The deal is subject to shareholder approval.
The minority shareholders will be given an opportunity to decide whether to sell their holding or retain it.
Reporting by Nqobile Dludla, editing by Louise Heavens

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