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Johannesburg - Cement maker AfriSam was set to replace its chief executive to help pave the way towards a merger with rival PPC, according to three sources familiar with the matter.
Stephan Olivier’s departure from the firm after almost seven years at the helm could be announced today, said the sources, who asked not to be identified as the information was private.
They said Olivier would be replaced on a short-term contract by Rob Wessels, a former chief investment officer at AfriSam’s black empowerment partner Phembani Group.
The new management team would be expected to secure a tie-up with PPC possibly through a reverse of AfriSam into its competitor’s listing, two of the sources said.
Phembani, co-founded by MTN’s executive chairman, Phuthuma Nhleko, would own a significant stake in the combined company alongside the Public Investment Corporation, Africa’s largest money manager and AfriSam’s biggest shareholder, they said.