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Royal Bafokeng Holdings Ltd today confirmed several changes to its Board of Directors.

Royal Bafokeng Holdings (Pty) Ltd (RBH) today confirmed several changes to its Board of Directors. This is in addition to the announcement on 27 March 2012, that the Chief Executive Officer (CEO), Niall Carroll, had tendered his resignation from the group after an eight-year tenure, and that Lucas Ndala, currently Chief Financial Officer, had been appointed interim CEO.

Two further Board appointments have now been announced, effective 27 March 2012: Ms Monhla Hlahla as Chairperson and Obakeng Phetwe as a non-executive director. Ms Hlahla will be taking over from Kgosi Leruo Molotlegi, who has expressed his wishes to step down as Chairperson, and Mr Phetwe replaces Thabo Mokgatlha, who also has announced his resignation from the RBH board.

Ms Hlahla joined RBH in 2011 as a non-executive director. She is currently the Interim Chairperson of the Industrial Development Corporation (IDC), and a non-executive director of ABSA Bank. She also serves on the Airports Council International (ACI) World Governing Board and is the President for the African Chapter of ACI.

Mr Phetwe is a Chartered Accountant (SA), having completed his articles with PricewaterhouseCoopers Incorporated (PwC). He is currently CEO of the Royal Bafokeng Nation Development Trust, which holds all commercial assets on behalf of the Royal Bafokeng Nation. Mr Phetwe has also held the position of Finance Manager for the Royal Bafokeng Administration and was Senior Audit Manager at Mokua and Associates Chartered Accountants, a company subsequently acquired by PwC.

Queries:

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Note to editor:

Royal Bafokeng Holdings (Pty) Ltd (RBH) is responsible for the management and development of the commercial assets of the Royal Bafokeng Nation (RBN), with the objective of maximising returns to enable the RBN to deliver sustainable benefits to the community.

The Royal Bafokeng Nation is a unique African community where tradition meets modernity. Located in the Rustenburg Valley in the North West Province, the 29 villages of the Royal Bafokeng Nation boast some of the most innovative approaches to sustainable development in Africa. These include holistic education reform, the use of sport to generate social and financial returns, and converting mineral resources into the world’s leading community-based investment company.

The King of the Royal Bafokeng Nation is Kgosi Leruo Tshekedi Molotlegi, 36th in a long line of visionary traditional leaders. Thanks to the pioneering spirit of the King’s ancestors, the Bafokeng community owns the rights to the largest known reserves of platinum and chrome in the world. Plan 2035 and the Masterplan, the strategic blueprints for the community’s future, aim to create a socially, economically, and environmentally sustainable community true to its African heritage and traditions.