[South Africa] Hulisani appoints Marubini Raphul CEO
JSE-listed Hulisani Limited, an investment holding company focused on energy opportunities, after announcing its acquisition of Momentous Technology (Pty) Ltd for R122 million last week, has appointed Marubini Raphulu, Hulisani’s chief investment officer as CEO with effect from 1 July 2017.
Explains Pat Mdoda, chairman of Hulisani, “The primary motivation for the various changes were envisaged from the formation of the company, to align and focus the skills of certain board members more suitably to the operational requirements of the company. This is in line with what the board believes will enable Hulisani’s continued growth and the optimisation of shareholder value as an investment holding company.”
Raphulu takes the reins as CEO from Malungelo Zilimbola, the other co-founder of Hulisani Limited. Zilimbola steps down as CEO but will continue to serve as a member of the board in a non-executive role with effect from 1 July 2017 and will remain involved in the business. “Following a successful listing, the conclusion of the first viable acquisition within a year of listing, and the company becoming an investment holding company, which requires an operational involvement in the business and ceasing to trade as a special purpose acquisition company (SPAC). it is the right time for me to step down, ” said Zilimbola.
Marubini Raphulu is a former investment banker and admitted attorney with extensive deal-making experience in the energy sector in South Africa and elsewhere on the continent. He founded Medupi Capital, which formed Hulisani in partnership with Mazi Holdings and is a shareholder in various energy companies.
Mark Booysen has resigned as financial director of the company from 1 August 2017 and will hand over from 1 July 2017 to Masibulele Dem who has been appointed to the board as executive financial director. Masibulele Dem (CA) SA leaves his position of senior associate, Investment Banking at Africa Rising Capital. He was the former chief financial officer at Mazwe Financial Services and previously also worked for Barclays Africa and Standard Bank. He has executed a number of transactions both locally and internationally.
Fhedzi Modau has been appointed as chief investment officer in an executive directorship position with effect from 1 July 2017. He is a registered professional engineer with an MBA with more than 15 years experience in the engineering sector with oil, gas and power. He previously worked for Eskom, PPA Energy, Sasol Limited and as a contractor for South Africa Department of Energy. He has work experience in 17 countries.
Concludes Zilimbola, “I am confident that the new CEO, who possesses deal-making expertise together with the CIO, an electrical engineer with technical expertise, and CFO, a chartered accountant with deal-making expertise, will execute projects with excellence and deliver sustainable value for Hulisani shareholders.”
Professor Benjamin Marx has been appointed as an independent non-executive director. Professor Marx will also chair the Hulisani audit committee with effect from 1 July 2017. Professor Marx is a chartered accountant. He has a number of national and international memberships including being a member of the Independent Regulatory Board for Auditors (IRBA) and a member of the Association of Black Chartered Accountants of South Africa (ABASA). Professor Marx further serves as a director and audit committee member of listed and non-listed companies.