KAP - KAP International Holdings Limited - Changes to the KAP board

KAP - KAP International Holdings Limited - Changes to the KAP board             
KAP INTERNATIONAL HOLDINGS LIMITED                                              
Incorporated in the Republic of South Africa                                    
(Registration Number 1978/000181/06)                                            
Share code: KAP                                                                 
ISIN: ZAE000059564                                                              
("KAP")                                                                         
CHANGES TO THE KAP BOARD                                                        
APPOINTMENT OF NEW CHIEF EXECUTIVE OFFICER                                      
Shareholders are referred to the announcement on Friday 30 March 2012 in which  
they were advised that the acquisition by KAP of the Steinhoff Industrial       
Assets, comprising Unitrans, PG Bison and other raw material businesses ("the   
acquisition") was approved by the Competition Tribunal of South Africa and that 
the acquisition had accordingly become unconditional.                           
Following the acquisition and in order to safeguard the on-going efficient and  
successful management of the enlarged KAP business, the board is pleased to     
announce that Mr Karel Johan (Jo) Grove has been appointed as an executive      
director and Chief Executive Officer of the enlarged KAP, with immediate effect.
Mr Grove has served as the CEO of Unitrans since 1998 and has vast operational  
experience across many industries. His experience as a CEO within a listed      
environment (gained at Unitrans), and his demonstrated ability to grow diverse  
businesses through decentralised management structures is expected to benefit   
the enlarged KAP group.                                                         
Mr Grove takes over from Mr Paul Cornelis Thomas Schouten. Mr Schouten will     
resign as an executive director of KAP simultaneously with the appointment of Mr
Grove, but will remain part of the executive committee and will be responsible  
for the industrial assets that comprised KAP prior to the acquisition. The board
wishes to thank Mr Schouten for the exceptional role he has played as CEO of KAP
since his appointment in 2003. Mr John Peter Haveman will remain an executive   
director and the CFO of KAP.                                                    
CHANGES IN NON-EXECUTIVE DIRECTORATE                                            
Following the acquisition, the Unitrans logistics business will represent the   
majority of the newly constituted KAP group`s assets, followed by the PG Bison  
integrated timber segment. The KAP board is, therefore, pleased to announce the 
following appointments to the non-executive directorate, which it believes will 
add an appropriate and experienced skill set to that of the existing non-       
executive directorate.                                                          
Mr Christiaan Johannes Hattingh (Chris) van Niekerk, to be appointed as a non-  
executive board member. The appointment of Mr van Niekerk is based on his wide  
operational experience in various industrial industries within the African      
environment, and in particular his intimate knowledge of the African integrated 
timber industry.                                                                
Mr Andries Benjamin (Ben) la Grange to be appointed as a non-executive board    
member, and a member of the audit committee. Mr la Grange`s broad financial     
skills and in particular his financial knowledge and experience of the acquired 
Steinhoff assets will assist the board further in managing the financial affairs
of the enlarged group.                                                          
The board congratulates the new board members on their appointment and looks    
forward to their contribution to KAP.                                           
25 April 2012                                                                   
Paarl                                                                           
Date: 25/04/2012 17:20:01 Supplied by www.sharenet.co.za                     
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