JSE-listed Faritec has finalised the expansion of its board following the sale of 30% of its shares to an empowerment consortium led by Jay & Jayendra (J&J).
Faritec, a technology infrastructure and services company, announced in April that it had sold the stake to the consortium, whose other member is union investment company Lesaka Holdings.
The board appointment of the three consortium representatives named in April has now been finalised.
Chris Jardine, group executive for operations at J&J, has been appointed non-executive chairman at Faritec, while former Conscilience Technologies CEO Hasmukh Gajjar has joined the board as an executive director.
Part of the empowerment deal involved Faritec`s acquisition of the operational assets of Conscilience, a joint venture between J&J and Tata Africa Holdings.
Faritec has also appointed J&J Investments joint-CEO Jayendra Naidoo as a non-executive director.
Faritec says the three new directors will be actively involved in the strategy and management of the company.
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