JOHANNESBURG- Financial services group LeBashe Financial Services has bought a stake into 4 Africa Exchange Proprietary Limited (4AX) with the company’s senior director Tshepo Mahloele being appointed to the Exchange’s board as a non-executive director.
Speaking on the announcement, Fay Mukaddam, Chief Executive Officer of 4AX, said: “We are thrilled to haveLeBashe Financial Services on board as shareholders, and to have Tshepo Mahloele join our board – as both appointments offer immense strategic value in taking 4AX forward.”
LeBashe Financial Services is a subsidiary of LeBasheInvestment Group. The aspiration behind LeBashe Financial Services is to establish a black-owned financial services business that is accessible to all and is unequalled in the market for its superior offerings.
“There are many synergies between the philosophy behind LeBashe Financial Services and the ethos of our business. The 4AX solution is tailored for the diverse Mzansi market, making it accessible to shareholders from all walks of life, as well as a cost-effective and seamless transition to a regulated space. As such, we look forward to exploring these synergies further and identifying innovative ways to leverage on the shareholder partnership to drive opportunities for the institutional and retail investor communities of South Africa,” explained Mukaddam.
According to the company, Mahloele is the Chief Executive Officer at Harith General Partners, and one of the originators of the $1,2bn Pan African Infrastructure Development Fund 1 and 2. Previously, Mahloele headed the Corporate Finance and Isibaya Fund Division of the Public Investment Corporation (PIC) – the largest investment manager in South Africa with over USD90 billion under management. In addition to his knowledge and experience in investment management, during his time at the PIC, Mahloele actively implemented the organisation’s Black Economic Empowerment (BEE) strategy, which resulted in several new industrial entrants playing an active role in the continent, particularly within the South African economy.
Mukaddam revealed that 4AX has always promoted good corporate governance and that to illustrate the importance of governance, the Exchange has invested in and populated its board with independent, non-executive directors who are at the top of their respective fields. “Tshepo Mahloele is a superb inclusion to our super-squad,” she said.
“It has certainly been a year of new developments in capital markets in the country. We started this journey with aspirations, and the goal to provide a solution tailored to Africans, which we are confident we have. But, our journey has just begun, and we are very excited for what is still to come; as we continue to deliver on our promise to be a vehicle for inclusive prosperity – and playing an active role in driving tangible, sustainable economic growth and transformation that will build the nations of the future generations,” concludes Mukaddam.