Pretoria - Group Five has appointed acting chief executive Themba Mosai as group chief executive of the listed construction and engineering group with immediate effect.
Mosai was appointed acting chief executive after the group reported in February that it had initiated a restructuring process that would result in then chief executive Eric Vemer leaving the company.
Group Five said on Tuesday that Mosai had been with the company for over 13 years.
“Our immediate priorities are to deliver stakeholder value by right-sizing our construction business, effectively managing risk, executing on the voluntary rebuild programme and leveraging our relationship with Aberdeen Infrastructure Fund (AIF) to expand our concessions business,” Mosai said.
This is a reference to Group Five’s sale of a 49.99 percent stake in its Intertoll Europe underlying public-private partnership (PPP) investment portfolio to AIF for 43 million euros (R629 million) in cash.
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Once the transaction is finalised, Group Five will hold 50.01 percent of the seed assets and AIF the remaining 49.99 percent.
The interests of both parties will be held through Intertoll Capital Partners, a joint venture established to facilitate this partnership.
Group Five also announced the appointment of Kushil Maharaj as group executive committee member for investments and concessions with immediate effect.
His appointment follows the resignation of Jon Hillary, the former group executive committee member and head of investments and concessions.