Three directors of Sechaba Holdings Limited have quit the listed brewer less than two years after they were appointed to the board, it emerged on Tuesday. Chairman Batlang Mmualefe, independent non-executive director Boyce Sebetela and fellow board member and non-independent executive director Lepalisa Makepe are no longer part of the board after tendering resignation letters to the listed company.
In a statement on behalf of the board, company secretary Gorata Hlope said Mmualefe tendered his resignation with effect from 25 September 2015. The past Sechaba chairperson joined the board in 2013. Hlope could not be reached for comment to elaborate on reasons for the resignation of the board chairperson who has in the past disclosed that the company’s profitability is under pressure due to alcohol levy and traditional beer regulations. In Mmualefe’s position, the group has appointed Thabo Matthews who joined the board just seven months ago. The former Barclays Botswana, Mascom Wireless and Delloite senior executive has a BA in computer science and economics. Debswana strategy manager, Sebetela is no longer Sechaba board member.
He joined the board of the beer producing company in May last year. No detailed reasons have been given for his departure, after being given the nod by shareholders to give the strategic direction late last year. He left on 25th September 2015 a day after a board meeting of the company. Barclays Africa finance executive Makepe has also parted ways with St Louis and Black Label producing group. This financial guru became part of Sechaba board last year May. The board of Sechaba has heaped praise on Mmualefe, Makepe and Sebetela. “The board conveys sincere appreciation to the above for their strategic guidance,” said a statement. Meanwhile, University of Cape Town (UCT) educated Bafana Molobo has been appointed to the board as an independent non-executive director effective 25 September 2015.
Meanwhile, Sechaba parent company, SABMiller rejected a buyout proposal from Anheuser-Busch InBev (AB InBev) that would have created the world’s single largest beer brewer by volume, Business Day online edition has reported.The rejection of the £42.15 per SABMiller share either opens the door for a higher offer, or the possibility of a hostile takeover attempt by the world’s largest brewer, said the paper. “The (SABMiller) board, excluding the directors nominated by Altria Group Inc, has unanimously rejected the £42.15 (about R864) proposal as it still very substantially undervalues SABMiller, its unique and unmatched footprint, and its standalone prospects,” said SABMiller in a statement hours after AB InBev’s own media briefing in which it publicly tabled its proposal for the merger. On Wednesday, Sechaba shares closed the day stable at 2850 at the domestic bourse.