Wrap Text
LHL-Trading Updated
Letshego Holdings Limited
Incorporated in the Republic of Botswana
Registration number 98/442
(JSE Code: “BILETS”)
(“Letshego Holdings” or “the Company” or “the issuer”)
This announcement is being released on the Johannesburg Stock Exchange for
information purposes only in respect of Letshego Holdings Limited’s Note
Programme.
NOTICE TO ALL STAKEHOLDERS - LETSHEGO HOLDINGS LIMITED – TRADING UPDATE
Financial results – update
The Group published its interim results on 2 September 2019 for the six month
period ended 30 June 2019. As a further update to Shareholders, there is
improvement to the Group’s financial performance. The latest financial forecast
for the year ending 31 December 2019 indicates:
• Group Profit before tax is expected to be between 10% and 15% (P102million
to P157 million) higher than the 31 December 2018 financial year end (2018:
P1,020million)
• Group Profit after tax is expected to be between 25% and 30% (P127million
to P153 million) higher than the 31 December 2018 financial year end (2018:
P510million)
Further updates on the 2019 financial performance will be given during February
2020 in advance of the expected publication of the year end results in early
March 2020.
Dividend policy
The Board will review the dividend policy when finalising the 2019 year end
results. The 2019 interim dividend was 25% of PAT.
Update on Group Management
The Group Board is pleased to report that considerable progress has been made to
fill key top management positions within the Group. Announcements are expected
to be made in due course, in line with regulatory requirements. Letshego
continues to be led by Dumisani Ndebele, who is serving as the Group’s Interim
CEO.
Board composition
The Letshego Group Board is pleased to announce the appointment of two new
Directors to add complementary financial services and banking expertise to the
Group’s current fiduciary skill sets. Abiodun Odubola and Philip Odera have both
been confirmed as Letshego’s new Independent Non-Executive Directors, having
recently secured due regulatory approval.
Abiodun Odubola has 30 years of commercial banking experience covering
relationship management, credit underwriting, credit risk management, country
risk management and country audit from blue chip financial institutions including
Firstbank Nigeria, Ecobank Nigeria, Metropolitan Bank Nigeria, Citibank Nigeria
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and Citibank NA United Kingdom. Abiodun has held non-executive director (NED)
roles at financial institutions within and outside of Nigeria, and currently sits
on the board of 2 non-banking financial institutions, in addition to the Letshego
Group. In 2016, Abiodun founded Camrose Nigeria Limited, a consulting firm that
provides international firms and institutions with financial advisory services in
risk, credit management, debt and equity raising.
Abiodun acquired his BSc in Agricultural Economics at the University of Ibadan,
Nigeria (1983), and his MBA from the University of Lagos, Nigeria (1988). He has
attended numerous leadership courses with global institutions throughout his
career, including Euromoney, Moody’s, Citibank and Colombia Business School USA.
Philip Odera has over 30 years of financial and banking experience having led
diverse country operations for international banking institutions across sub
Saharan Africa. Philip spent 17 years with Stanbic in Africa, with country
leadership roles including Deputy Managing Director for Tanzania, and Country
Chief Executive for four of Stanbic’s regional markets, namely Malawi, Uganda,
South Sudan and most recently, Kenya. Prior to Stanbic, Philip commenced his
banking career as a graduate with Citibank Kenya, progressively ascending through
the ranks to Vice President of Citibank Kenya. He then relocated to Citibank
Congo as the Country Corporate Officer. Today Philip continues to share his
knowledge and experience by advising multiple, talented organisations and
entrepreneurs in his role as Executive Partner at Titans D’Afrique - a consortium
of experienced regional leaders who volunteer their skills to empower and upskill
Africa’s emerging leaders and institutions in the interest of supporting African
businesses, and ultimately sustainable economic development across the continent.
Philip secured his Bachelor of Economics from St. Lawrence University, USA (1980)
and an MBA in Finance from Suffolk University in Boston (1985). He has attended
numerous leadership programs at global academic institutions including Duke,
Harvard and Cambridge Universities as well as London Business School.
Notice from Botswana Insurance Holdings Limited – increase in its shareholding
The Board has been informed by Botswana Insurance Holdings Limited (BIHL) that it
has increased its shareholding in Letshego Holdings Limited from 26.17% to
27.95%.
For and on behalf of the Board
E Banda
Group Chairman
GABORONE, 20 December 2019
Debt sponsor in South Africa
Kea Sape: 0117215594 or kea.sape@standardbank.co.za
The Standard Bank of South Africa Limited, acting through its Corporate and
Investment Banking division
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Date: 20-12-2019 04:08:00
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