CARTRACK HOLDINGS LIMITED - Business Update And Change To The Board Of Directors

Release Date: 31/08/2018 17:30
Code(s): CTK
 
Wrap Text
Business Update And Change To The Board Of Directors

CARTRACK HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/036316/06)
Share code: CTK
ISIN: ZAE000198305
(‘Cartrack’)


BUSINESS UPDATE AND CHANGE TO THE BOARD OF DIRECTORS


Cartrack provides fleet, mobile asset and workforce management solutions, underpinned by real-
time actionable business intelligence, delivered as Software-as-a-Service (‘SaaS’).

Cartrack also provides driver data analytics for the insurance industry, and as of 28 February 2018,
had an industry-leading audited recovery rate for stolen vehicles of 91%. This recovery rate reflects
the superior quality of its technology, infrastructure and services. The technology and infrastructure
required for the recovery of stolen vehicles is a key barrier to entry for competitors looking to enter
the telematics industry in any high crime region.

Record subscriber growth

Cartrack has achieved a global subscriber base of over 845 000 subscribers as of 24 August, 2018 (more
than 27% annual growth versus 21% growth in the 12-month comparative period). A record subscriber
growth in excess of 180 000 net additions was achieved in the last 12 months versus 115 562 net
additions in the prior 12-month period, representing an increase of 56% year-on-year. These results
are the product of investment in operating and distribution capacity, which has allowed Cartrack to
meet the demand for its technology offering.

Change to the Board

In compliance with paragraph 3.59 (b) of the Listings Requirements of the JSE Limited, shareholders
are advised of the appointment of Sharoda Rapeti as an independent non-executive director to the
board of directors of Cartrack with immediate effect. Sharoda has a National Higher Diploma:
Electronic Engineering, a Masters in Business Administration and over 30 years strategic and
operational experience in the Telecommunications-, Media- and Technology Industries. She was a
director at Deloitte Africa where she established the TMT advisory services practice for Deloitte Africa.
She was also the Smart Cities Leader and Digital Payments Leader for Deloitte Africa.

Sharoda has extensive non-executive director experience in the Built Environment and in banking
where she served as South Africa’s first female Vice President of the Engineering Council of South
Africa and as non-executive director on the board of Mercantile Bank.

She will be serving as a member of the Audit and Risk Committee. Mr Thebe Ikalafeng has stepped
down as a member of the Audit and Risk Committee but will continue to serve as chairman of the
Remuneration Committee and member of the Nominations Committee.


Johannesburg
31 August 2018

Sponsor:
The Standard Bank of South Africa Limited

Date: 31/08/2018 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story