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ISB - Insimbi - Appointment of Financial Director
Insimbi Refractory and Alloy Supplies Limited
(Formerly Insimbi Alloy Supplies (Proprietary) Limited)
(Registration number 2002/029821/06)
JSE share code: ISB
ISIN Number: ZAE000116828
("Insimbi" or "the company")
APPOINTMENT OF FINANCIAL DIRECTOR
AltX listed Insimbi Refractory and Alloy Supplies Ltd (Insimbi) today announced
the appointment of Fathima Gany as financial director, effective 1 December
2008.
Gany, a CA(SA), who served her articles with Ernst and Young has ten years
financial experience. She completed her Bachelors and Honours in Accounting
Sciences at Unisa and holds an Advanced Certificate in Auditing.
After completing her articles, Gany was appointed as financial director of VWS
Envig, a subsidiary belonging to the French Group - Veolia which is listed on
the New York and Paris Stock Exchanges. Gany who was with the company for 6
years was the chief financial officer of its African operations.
Prior to joining Insimbi, she held the position of marketing planning manager of
Yum Restaurants International, an American holding company of various franchise
restaurants including KFC and Pizza Hut.
"We are excited to have Fathima on board. Her international experience will be
an invaluable asset to the group and we have no doubt that she will fulfil an
important role on the board as we embark on further expansion in and beyond
South Africa ," said CEO, Pieter Schutte.
Previously the financial function was overseen by Fred Botha, who was the
group`s chief financial officer and commercial director. Botha will continue in
his role as commercial director. "We thank Fred for his unrivalled dedication
in going beyond the call of duty. He will remain a key contributor to the
business," said Schutte.
1 December 2008
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Website: www.insimbi-alloys.co.za
Further enquiries please contact:
Insimbi 011 902 6930
Pieter Schutte Insimbi 082 492 4662
Fred Botha Insimbi 082 578 0425
ChilliBush Investor Relations 011 646 7152
Michelle Doyle 082 784 1814
Nonhlanhla Moleya 083 564 1452
Notes to editors:
Metallurg South Africa was founded in 1970 by the previous shareholder,
Metallurg Europe Limited, a 100% subsidiary of Metallurg Incorporated.
Initially, Metallurg South Africa`s offices were located in the centre of
Johannesburg and warehousing was rented from Freight Services (Proprietary)
Limited. In 1992, the operation was moved to its current premises in Wadeville.
The Wadeville premises, which comprises approximately 9 000 m2 of offices and
warehousing facilities are wholly-owned by Insimbi Properties.
During the second half of 2003, the management of Metallurg South Africa entered
into the first phase MBO with Metallurg South Africa. The first phase MBO
received financial backing from Corfin, Corvest, and Tandem in the form of the
sale shares, preference shares, Corvest claims, loan agreement and Tandem
claims. Following the first phase MBO, Corfin, Corvest and Tandem effectively
owned 67% of the company and the director shareholders and Langham Carter owned
an effective 33%.
In order to highlight the company`s new ownership, the director shareholders,
Langham Carter, Corfin, Corvest and Tandem, decided to rebrand the company as
Insimbi Alloy Supplies (Proprietary) Limited.
Over the years, the core business of Insimbi expanded and today the company
operates seven divisions which are based on industries and geographic locations,
as follows:
- Refractory Division which services the steel industry`s refractory
requirements;
- Speciality Division which services the welding and optical industries;
- Steel Division which services the steel industry`s raw material
requirements;
- Foundry Division which services the foundry industry, both automotive and
heavy;
- Non-Ferrous Division which services the aluminium industry;
- Rotary Division which services the cement industry`s refractory
requirements; and
- KwaZulu-Natal Division which services the KwaZulu-Natal and Mozambique
markets in all of the above products.
The expansion of Insimbi`s core business has resulted in the strengthening of
the company`s technical back up and product ranges into the following major
manufacturing industries:
- iron and steel;
- ferrous and non-ferrous;
- aluminium smelters;
- foundries;
- copper mining;
- paper mills;
- sugar mills; and
- electro platers
Insimbi also caters for the small niche suppliers and markets and has over time
diversified into a number of different product lines and fields, namely:
- ceramic bricks/linings;
- aluminium alloy;
- chemicals;
- technical textiles; and
- kiln re-alignment and mechanical preventative services
In April 2007, the director shareholders of Insimbi entered into the second
phase MBO whereby the shareholding and funding of Insimbi was further
restructured with the intention that, following the second phase MBO, the entire
shareholding of the company would be held by the director shareholders.
Insimbi was converted from a private company to a public company on 12 February
2008.
On 27 January 2008, Insimbi Alloy Supplies acquired the plant and equipment,
furniture and fittings and computers used by Future Alloys to conduct its
aluminium alloys business for a purchase consideration of R17.0 million. Future
Alloys manufactures aluminium alloys with its primary focus being on the
production of the ADC12 grade of alloy. The business complements that of Insimbi
Alloy Supplies and its smelting plant currently has excess capacity. The
acquisition allows Insimbi Alloy Supplies to make use of Future Alloys` existing
manufacturing facilities, while also offering Insimbi access to greater
capacity.
Insimbi listed on AltX on 14 March 2008. R48m was raised during the private
placement.
Date: 01/12/2008 07:15:01 Supplied by www.sharenet.co.za
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