Jasco Electronics Holdings has appointed three new directors following the fulfilment of all the conditions relating to the acquisition of Tasslelane Investments.
Anna Mokgokong will assume the position of non-executive chairman, replacing Theo Rutstein who now becomes non-executive deputy chairman. Joe Madungandaba has been named executive marketing director while Sakhile Masuku is to be a non-executive director. All the other Jasco directors will remain in place.
The move is part of Jasco`s empowerment and turnaround strategy introduced three years ago.
The company acquired Tasslelane from Community Investment Holdings (CIH) in March. Tasslelane holds the exclusive distribution rights for 3M telecommunications products in SA and has secured long-term supply agreements with Telkom SA.
Jasco will have the right of first refusal to participate in any new telecommunications business opportunities offered to CIH.
A change of control resulted after Jasco paid for the acquisition by issuing shares to CIH, amounting to 30% of its enlarged share capital. However, redeemable preference shares will, subject to certain minority protections, increase the voting rights of CIH to 51% of the enlarged total share capital.
CIH is a black-owned and controlled investment group with holdings in healthcare, logistics, power and energy, telecommunications and the Malesela Group.
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