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MMI HOLDINGS LIMITED - Change in Auditors, Appointment of Company Secretary and Changes to the Board

Release Date: 01/07/2019 16:30
Code(s): MMI     PDF:  
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Change in Auditors, Appointment of Company Secretary and Changes to the Board

MMI Holdings Limited
Incorporated in the Republic of South Africa)
Registration number 2000/031756/06)
JSE share code: MMI
NSX share code: MIM
(“MMI Holdings Limited” or “the Company”)

Change in auditors

In June 2017, the Independent Regulatory Board of Auditors published a rule
prescribing that auditors of public interest entities in South Africa must
comply with mandatory audit firm rotation (“MAFR”), whereby audit firms shall
not serve as the appointed auditor of a public interest entity for more than
10 consecutive years, with effect from 1 April 2023.

The Board of MMI, together with its Audit Committee, has resolved to early
adopt MAFR. As a consequence, PricewaterhouseCoopers Inc. will rotate off the
Company’s audit on conclusion of its external audit responsibilities for the
year ended 30 June 2019, expected to be at the conclusion of the Company’s
annual general meeting to be held on 26 November 2019.

Shareholders will be informed of the new firm of external auditors once all
regulatory approvals have been obtained. The change of external audit firm
will be tabled for approval by the Company’s shareholders at the Company’s
next annual general meeting.

Appointment of Company Secretary

The Boards is pleased to announce that Ms Gcobisa Tyusha has been appointed as
Group Company Secretary of the Company with effect from 1 July 2019.

The Board is satisfied that Ms Tyusha has the necessary experience and expertise
to fulfil the role of Group Company Secretary.

Ms Tyusha will replace CorpStat Governance Services (Pty) Ltd represented by
Karen Waldeck, who acted as Interim Group Company Secretary. The Board wishes
to extend their thanks to CorpStat Governance Services (Pty) Ltd for their
services provided during their tenure.

Board and Committee Composition Changes

Mr Sello Moloko, who was appointed to the Board on 1 March 2019, has been
elected as Lead Independent Director.

Furthermore, the Board is pleased to announce that Ms Kgaugelo Legoabe-Kgomari
has been appointed as a non-executive director of MMI Holdings. Ms Kgaugelo
serves as a Director of Investments at Kagiso Tiso Holdings Proprietary Limited
(“KTH”) where she is responsible for a several investee companies within the
KTH portfolio. Ms Kgomari has been involved with private equity and investment
banking for over 15 years. Prior to joining KTH, she served as a deal maker in
the investment banking division of Rand Merchant Bank and later joined Ethos
Private Equity. Ms Kgomari obtained her B.Com degree (cum laude) from the
University of Pretoria. She is a CFA Charterholder and a member of the CFA

Mr Peter Cooper has stepped down as a member of the Risk, Capital and Compliance
Committee. He will remain on the Board and continue to serve on the other
Committees where he is appointed.

1 July 2019
JSE Sponsor
Merrill Lynch South Africa (Pty) Limited

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