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M-Cell Ltd - Press release

Release Date: 09/05/2002 17:54
Code(s): MCE
Wrap Text
M-Cell Ltd
(Incorporated in the Republic of South Africa)
Registration number 1994/009584/06
Share Code: MCE
ISIN Code: ZAE000023115
M-CELL/MTN GROUP PRESS RELEASE
EMBARGOED  UNTIL  4PM, 9 May 2002

The M-Cell/MTN Group today announced that Mr Phuthuma Nhleko has been appointed to succeed Mr Paul Edwards in the post of Group Chief Executive. This appointment is in terms of the Board's objective of appointing a top calibre executive to this position on a long-term basis.
Edwards was appointed to the position in August 2001 on a limited term contractual basis. It was agreed at that time that the Board would work with him to identify a suitable long-term appointee to lead the company. He will continue in his current role until 30 June 2002 and thereafter will act as consultant and advisor to the Group.
Nhleko has a BSc in civil engineering from Ohio State University and an MBA from Atlanta University. After early experience in the civil engineering industry, he worked as a Corporate Finance Manager at Standard Merchant Bank, after which he became a founder member of Worldwide African Investment Holdings as Chief Executive Officer and Executive Chairman in 1994.
Commenting, Nhleko said: "I am delighted to take on this new challenge of leading the M-Cell/MTN Group in an executive capacity. I have had a long association with the Group in my capacity as a Johnnic Director and have had the opportunity to work closely with Paul Edwards and the senior
management team during my tenure as M-Cell Chairman. The MTN Group has grown from a cellular company to an innovative and diversified new technology company, which can play a major role in increasing telecommunications access on the continent and as a major investment partner in NEPAD. I have the greatest confidence in the future of MTN and look forward to leading the team in meeting the exciting challenges and opportunities which the company faces."
Nhleko will step down from his post as M-Cell's Chairman with effect from 1 July 2002 when he assumes the position of Group CEO. The M-Cell Board will announce the appointment of a new Chairman in due course.
Johnnic Chairman and M-Cell Director, Cyril Ramaphosa, said: "Paul was recruited from Asia in 1999 to lead Johnnic, and played a key role in the process leading to MTN's investment in Nigeria. Paul accepted the challenge to move to M-Cell, following the departure of Bob Chaphe. During his tenure, M-Cell/MTN continued its positive progression. We look forward to Paul's valued support of Phuthuma during the transition and wish him every success in his future career."
Commenting, Edwards said: "I have enjoyed the challenge of both my Johnnic and M-Cell positions and am proud to have been able to play a meaningful role in South Africa's leading black empowerment group. I am delighted to be succeeded by a person of Phuthuma Nhleko's experience, intellect and drive. I wish him well in leading M-Cell/MTN into the future." Ends.
Issued by: Yvonne Muthien, Group Executive: Corporate Affairs, M-Cell/MTN Group
Inquiries: Portia Maurice, General Manager: Corporate Communications 083 212 7843. Sponsor Merrill Lynch South Africa (Pty) Ltd

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