MultiChoice Shakeup: New Chair, Continued Expertise

In a recent announcement, MultiChoice Group Limited revealed significant changes to its board of directors, including the appointment of a new Chair. These developments come as part of a strategic shift to enhance corporate governance and meet shareholder preferences for an independent Chair.

Imtiaz Patel Steps Down as Chair

Mr. Imtiaz Patel, who has served as the Chair of MultiChoice’s board of directors, will be stepping down from his position effective March 31, 2024. Mr. Patel has been a pivotal figure in the company’s leadership, providing valuable insights and contributions to the Group. His decision to step down aligns with the shareholders’ desire for an independent Chair to oversee the company’s affairs.

Elias Masilela Takes the Helm

Taking over the reins as Chair from April 1, 2024, is Mr. Elias Masilela. He is a seasoned independent member of the MultiChoice board, bringing a wealth of experience and expertise to the role. Mr. Masilela’s impressive track record includes currently serving as the Chair of the board of Sanlam, and he has previously been a board member of the South African Reserve Bank and the Government Employee Pension Fund.

This appointment reflects MultiChoice’s commitment to ensuring strong and effective corporate governance while maintaining a diverse and experienced board of directors.

Continued Involvement of Imtiaz Patel

While Mr. Patel will no longer serve as Chair, the Group is determined to retain his institutional knowledge and valuable relationships. To this end, Mr. Patel will continue to contribute to MultiChoice on a consultancy basis until October 2028. During this time, he will offer his insights and guidance in areas such as Showmax, SuperSport, and other operational aspects of the business. This extended involvement underscores the recognition of Mr. Patel’s exceptional contributions to the Group over the years.

Gratitude and Optimism

The Board of MultiChoice expresses its heartfelt gratitude to Mr. Patel for his exceptional leadership and contributions to the company. His legacy will undoubtedly continue to influence the Group’s success in the years ahead. The Board is delighted that Mr. Patel will remain actively engaged with the company in his consultancy role.

In light of these changes, MultiChoice is poised for a new chapter under the leadership of Mr. Elias Masilela. With his extensive experience and a commitment to upholding the highest standards of corporate governance, MultiChoice is well-positioned to navigate the evolving landscape of the media and entertainment industry.

Important Notice to Shareholders

In addition to the board transition, MultiChoice issued an important notice to its shareholders regarding voting rights. Pursuant to a provision in the MultiChoice memorandum of incorporation, the company may reduce the voting rights of shares to ensure compliance with South African statutory requirements. Specifically, the aggregate voting power of MultiChoice shares owned or held by foreigners to South Africa should not exceed 20% of the total voting power. Shareholders are urged to review the memorandum of incorporation for detailed information on these provisions and seek advice from their broker, attorney, or professional adviser if uncertain about the necessary actions.