Local stock brokering company – African Alliance has confirmed the resignation of Regina Sikalesele-Vaka from the newly Botswana Stock Exchange listed company, CA Sales Holdings.
CA Sales was incorporated in 2011 as a private company in South Africa and is controlled by PSG Group Limited (PSG), a company listed on the securities exchange, operated by the JSE Limited.
In October 2016, the company offered and later sold up to 27, 223 599 shares to the public through an IPO at BSE. The balance of the shares was fully subscribed for by institutions including amongst others Kgori Capital and Investec Asset Management Botswana.
In compliance with listings requirements of the Botswana Stock Exchange, the company this week made the departure of Vaka public.
The resignation comes hardly a few months after the Bona Life Chief Executive joined the CA Sales board as an independent non-executive director subsequent to the company’s stock being quoted at BSE.
Vaka was paraded along former managing director at Debswana Mining Company, Blackie Marole as Independent non-executive directors of the consumer goods distributor in October 2016. Both Vaka and Marole have no direct shareholding in CA Sales according to the prospectus.
CA Sales, one of the largest warehousing and distributors of fast moving goods and commodities in the country said at the time of listing last year that the rationale to sell part of its shareholding was to raise capital for further organic growth and accretive merger and acquisition opportunities.
Before the listing, PSG Africa led the shareholding with 52.8 percent followed by Export Marketing Limited at 36.5 percent whilst Jagdish Shah has 4.8 percent.
Following the listing, which happened late last year, the majority of issued shares are still held by PSG Africa, Export Marketing Limited (10.1%) while asset management firm Kgori Capital have a shareholding of 8.6 percent and its counterpart Investec Asset Management Botswana has bought 6.0 percent shareholding.
The brief explanation given by African Alliance in a communiqu├® circulated within the capital markets is that Vaka, who is also the former Board Chairperson of BSE left her non executive director position due to “other commitments”.
“Ms. Regina Sikalesele-Vaka, an independent non-executive director of the Company, has resigned with immediate effect due to other commitments”, reads part of the communiqu├® in short.
Vaka’s company, Bona Life, has recently enjoyed bad publicity which she said was attracted by irreconcilable differences between the shareholders.