INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED - Departure Of Executive Director and The Chief Executive Officer - IN02

Departure Of Executive Director and The Chief Executive Officer - IN02

Industrial Development Corporation of South Africa Limited
(Incorporated in the Republic of South Africa)
Registration No. 1940/014201/06
Bond Issuer Code: IN02
(the “IDC” or the “Corporation”)



DEPARTURE OF EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER (MR TP
NCHOCHO)

Notice is given according to Section 6.39 of the Debt Listings Requirements of the JSE Limited,
of the forthcoming departure of Mr. TP Nchocho as the CEO and Executive Director of the IDC
and the effective date is 31 December 2023.

In the context of the above, the Board and Mr Nchocho agreed that it would be in the best interest
of both the IDC and the CEO, to proceed with the process of identifying a successor to allow for
a seamless transition. In the interim, Mr Nchocho will remain at the helm of the Corporation until
a suitable candidate is appointed.

Mr Nchocho joined the IDC in 2019, a year into his tenure as the CEO of the Corporation, the
world was hit by the Covid-19 pandemic (pandemic). In his role as the CEO, he pivoted the IDC
from its strategic pathway to a transition plan to enable it to survive the turmoil brought about by
the pandemic. The immediate priority was to strengthen its solvency and stabilise its liquidity while
still delivering on its development mandate.

In 2021 Mr Nchocho led the re-positioning of the organization in the aftermath of the pandemic
and put it back on track to deliver on its core mandate, and these efforts saw increased
acceleration and focus in 2022 to drive IDC’s developmental mandate and its financial
sustainability.

Ms Busi Mabuza, the Board Chairperson, extended the Board’s gratitude to Mr Nchocho for the
value that he has added to the organisation during his tenure as the CEO of the IDC, and wished
him all the best in his future endeavours

02 March 2023
Sandton

Debt Sponsor
Absa Corporate and Investment Bank (a division of Absa Bank Limited)

Date: 02-03-2023 05:17:00
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