HomeCoalWescoal Holdings builds board expertise

Wescoal Holdings builds board expertise

In compliance with section 3.59 of the listings requirements of the Johannesburg Stock Exchange (JSE), shareholders are advised that Eric Thuthukani Mzimela and Cecil Maswanganyi have been appointed to the board of Wescoal as non-executive directors, effective from 17 November 2017.

Mzimela is a former banker, he has an indirect shareholding in Wescoal, and is an entrepreneur, with business experience dating back to 1981.

He has qualifications in analytical chemistry and industrial relations.

Maswanganyi has an accounting background with audit and tax skills, with diverse business, board and provincial government  experience, dating back to 1989.

He is currently CEO of Simeka Capital Holdings and has qualifications in commerce, tax and business administration.

The board congratulates Mzimela and Maswanganyi on their appointments and looks forward to their contribution and participation in their new directorship roles.

Growth on track

Wescoal CEO, Waheed Sulaiman, says the group is on track to become a leader in its field with the short to medium term objective of 8 Mtpa in sight.

“We will continue to return capital to shareholders through dividends or share buy-backs with the company generating good cash flows. “

He says the Keaton integration costs are in line with expectations from rationalising human resources to optimising mining operations and projects in aligning with Wescoal group policies and procedures which include financial reporting.

“Immediate cost savings or low hanging fruit have been identified in Keaton and we have acted on these to realise cost savings during the current financial year.

Feature image credit: Wescoal Holdings