AFRICAN BANK INVESTMENTS LIMITED - Appointment of Ellerine Holdings Limited Chief Executive and Non Executive Chairman

Appointment of Ellerine Holdings Limited Chief Executive and Non Executive Chairman

African Bank Investments Limited
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
(Ordinary share code: ABL) (ISIN: ZAE000030060)
(Preference share code: ABLP) (ISIN: ZAE000065215)
(‘ABIL’)


APPOINTMENT OF ELLERINE HOLDINGS LIMITED CHIEF EXECUTIVE AND NON
EXECUTIVE CHAIRMAN

ABIL is pleased to announce the appointments of Mano Moodley as
Chief Executive Officer of a major subsidiary of ABIL, Ellerine
Holdings Limited (‘EHL’), and Alan Schlesinger as non-executive
Chairman of EHL, with effect from 1 March 2014.

Mano, 54, brings a wealth of retail business knowledge gained from
over 30 years’ experience in various business leadership, business
turnaround, transformation and retail chain management roles. He
most recently served as the Chief Executive for Group Sourcing and
Planning at Edcon Holdings Limited (‘Edcon’). Mano played an
integral role as General Manager in the turnaround and
transformation of the CNA chain of stores at Edcon. His previous
roles include senior executive positions at South African
Breweries Limited, Woolworths Holdings Limited and Imperial
Logistics Transport & Warehousing. As Managing Director of The
Cold Chain (Pty) Ltd, Mano successfully led a re-engineering
initiative resulting in a significant improvement in annual
profits.

Alan is currently executive director of companies in the Intafin
Group which he founded in 1998, after 20 years of senior corporate
experience. He is a non-executive director of several companies
including the Shanduka Group, where he also serves as chairman of
the remuneration committee and member of several other board
committees. Alan was the CEO of Relyant Retail Limited (‘Relyant’)
from 2003 - 2005, a major JSE-listed furniture retail group. Prior
to him joining Relyant, the group made substantial losses and
required a significant recapitalisation. Alan’s initial brief was
to improve morale and operating performance and to create value
for shareholders. Alan’s success in this regard resulted in EHL
merging with Relyant. EHL was subsequently acquired by ABIL in
2008.

ABIL CEO Leon Kirkinis commented “These appointments highlight our
commitment to EHL. I’m delighted to welcome individuals of this
calibre to ABIL. Given their respective skill sets and industry
experience, we believe they will play an integral part to
improving the outlook for EHL. Both Mano and Alan have faced
significant challenges in their careers and the positive outcomes
they have achieved adds to our belief that the future for the
group continues to look brighter. We are excited about the new
chapter we have entered”.


Midrand
10 February 2014


Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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