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Manuel sets tough Budget of R186b... Fourth estate becomes the property of th... No fanfare at Johnnic parad... SA customs bloodhounds sniffing out il... Peers honour Didata and Ruper... Deliver or be sold, Post Office tol... From adversity to achievemen... Government blamed for Safcol's poor show... Rate hike may not be the right medicin... |
No fanfare at Johnnic parade
PAT RETIEF did not actually announce at Johnnic's 107th annual general meeting this week that Cyril Ramaphosa was to replace him as chairman. And Ramaphosa declined to say a few words at the end of the meeting, writes JULIE WALKER. So rather quietly, a momentous change in corporate South Africa took place when the National Empowerment Consortium's chairman took the Johnnic reins. Johnnic's market capitalisation at R51,75 a share is almost R8-billion; the NEC has secured 35% from Anglo American at R50 a share. Shareholders put only one question to Retief, about a potential listing date for Johnnic Properties. He said the board would advise soon. Sir Albert Robinson, chairman of JCI until 1980, sat in the front row, current directors, including Anglo's Clem Sunter, Tony Trahar and Mike King, were dotted about the audience. As chairman, Ramaphosa will earn R30 000, the other directors R20 000 each. Appointed with Ramaphosa were NEC representatives Wiseman Nkuhlu, Irene Charnley, Sam Montsi, Mashudu Ramano, Ezrom Mabyana, Salukazi Dakile-Hlongwane, Abram Mosiuoa, Ernest Theron and Thomas Qhena. Vaughan Bray will continue as chief executive and Barry Wood as financial director.
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