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Johannesburg - Hulisani Limited on Wednesday announced wholesale executive appointments and changes to the composition of its board following the company's reclassification as an investment entity.

Chief investment officer, Marubini Raphulu, has been appointed as chief executive with effect from 1 July. Raphulu is a former investment banker and an admitted attorney with extensive deal-making experience in the energy sector in the African continent. Independent non-executive director, Fhedzisani Modau, will succeed Raphulu as chief investment officer in an executive directorship position with effect from 1 July.

This comes after the successful conclusion of the viable asset acquisition, the reclassification of the company as an investment entity, and the successful conclusion of the acquisition of Momentous Technology for R122 million. Hulisani said the primary motivation for the changes was to align and focus the unique set of skills of certain board members more suitably to the operational requirements of the company, in line with the continued growth and the optimisation of shareholder value.

Hulisani Limited, a BBBEE level 1 company, was listed on the Main Board of the JSE as a special purpose acquisition company (SPAC) to cater for investor demand for energy assets, specifically in South Africa, and generally in greater Sub-Saharan Africa. The company's strategy is to source, evaluate and invest financially into various attractive energy opportunities across the African continent.

Also among the changes was Masibulele Dem, who has been appointed to the board as executive financial director with effect 1 July 2017. Dem would leave his position of senior associate, Investment Banking at Africa Rising Capital. Mark Booysen has resigned as financial director of the company with effect from 1 August to allow for a smooth handover to Dem.

Hulisani said Malungelo Zilimbola would continue to serve as a member of the board in a non-executive role with effect from 1 July. Professor Benjamin Marx was appointed as an independent non-executive director of the board with effect from 1 July to fill the vacant position held by Modau. Marx will also chair the Hulisani audit committee.