The Sunday Mail
Mwana Africa chairman Mr Ning
PAN AFRICAN mining conglomerate Mwana Africa has purged a number of top officials under a major restructuring exercise designed to stem operating costs without affecting its operating subsidiaries which are core to the company’s business
Following the extraordinary general meeting of June 9, 2015 which saw the appointment of four new directors to the board, the company has responded to the shareholder majority by implementing a number of initiatives to reduce costs, re-organise the corporate structure and bring about necessary culture changes under the guidance of new chairman Mr Yat Hoi Ning.
The restructuring exercise has seen 12 positions being rendered redundant, including a senior manager, expatriates and corporate office staff.
Although it could not be established, the number of advisers and consultants has also been reduced.
The board’s remuneration and nomination sub-committee will be initiating an executive search to find qualified leaders for the new organisational structure to develop, support and deliver the company’s strategic growth plan.
Mr Yat Hoi Ning said shareholders voted for change at the EGM and with the help of the new directors, the change has begun.
“We expect that our restructuring will take a couple of months as we address a number of legacy issues. Our management team is focusing on reducing costs to mitigate the impact of the current weak pricing environment for gold and nickel, but I am confident that we can deliver a stable platform upon which to build a new, and stronger corporate culture,” said Mr Ning last week.
Mr Ning is a non-executive director and associate of CIMGC – Mwana’s biggest shareholders – holding 21,4 percent.
Separately, Mr Ning has 7,6 percent shareholding, making a combined 29 percent stake in the multi commodity miner.
Meanwhile, progress is being made with the appointment of the nompany’s new Nomad and Broker.
The company is in discussions with a number of Nomad and Broker firms and there is every expectation that an appointment will be made within the required time frame.
Peel Hunt is said to be fully co-operating with the handover process to ensure a smooth transition. – Ends
