Go Back Email this Link to a friend


Afe - Aeci Limited - Change To The Corporate Structure

Release Date: 08/04/2010 17:00:01      Code(s): AFE
AFE - AECI Limited - Change to the corporate structure                          
AECI LIMITED                                                                    
Incorporated in the Republic of South Africa                                    
(Registration No. 1924/002590/06)                                               
Share code:   AFE    ISIN No. ZAE000000220                                      
("AECI" or "the Company" or "the Group")                                        
CHANGE TO THE CORPORATE STRUCTURE                                               
AECI`s vision is to be the chemical and mining services supplier of choice for  
customers in its chosen markets.  The Group will achieve this vision through the
successful implementation of its strategy, which is based on four key pillars:  
world-class technology, a competitive cost base, a customer-driven culture, and 
responsible behaviour at all times.                                             
The consistent application of these principles across the whole Group will      
enable AECI to meet its growth and financial performance targets.               
R2 billion has been invested in capital expansion projects over the last three  
years.  All of these projects are essentially complete and the Company is now   
well positioned for growth.  To ensure that it is able to take maximum advantage
of all growth opportunities in 2010 and beyond, the Group structure has been    
reviewed.                                                                       
The review process indicated, inter alia, that the current corporate structure  
is not ideal.  Of particular concerns was AECI`s lack of ability to best perform
its parenting role by providing operating companies with the support and        
guidance they require as they grow locally and internationally.  This is        
particularly true for the 20 diverse entities in the Chemical Services          
(Chemserve) group.                                                              
To address this, the current top management structures, systems and processes of
AECI and Chemserve will be integrated.  All operating businesses, namely all    
those currently in the Chemserve group plus AEL Mining Services, Heartland and  
SANS Technical Fibers in the USA, will report to a single Executive Committee   
with immediate effect.                                                          
Members of this new Executive Committee are:  Graham Edwards (executive director
and chief executive, AECI Limited), Anthony Diepenbroek (managing director,     
Heartland), Mark Kathan (executive director and chief financial officer, AECI   
Limited), Tobie Louw (managing director, AEL Mining Services), and Mark Dytor,  
Edwin Ludick and Schalk Venter from the Chemserve executive.                    
The AECI and Chemserve head offices will be merged to eliminate the duplication 
of roles and responsibilities.                                                  
The benefits of the new structure will be faster decision making, better focus, 
better communication and transparency.  It will also provide improved           
accountability and a framework for enhanced corporate governance across all     
business units.                                                                 
It is expected that restructuring will be completed in the third quarter of     
2010.                                                                           
Woodmead, Sandton                                                               
8 April 2010                                                                    
Sponsor:  RAND MERCHANT BANK (A division of FirstRand Bank Limited)             
Date: 08/04/2010 17:00:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
The SENS service is an information dissemination service administered by the    
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or            
implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.                                          



                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2017 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.