Letshego leads BSE despite internal turbulence
Mbongeni Mguni | Wednesday May 25, 2022 14:50
By last Friday, Letshego’s share price was up 25% for the year, outpacing its peers on the Domestic Companies Index, according to Stockbrokers Botswana data.
Second-placed gainer, Standard Chartered Bank Botswana was up 14.8% by comparison, followed by 7.8% for Letlole la Rona. Letshego’s performance is despite the shock sacking of its chief executive officer, Andrew Okai earlier this month, with the board releasing a terse statement hinting at the irreparable breakdown of the relationship.
Letshego also suspended its Group Head of Legal and Compliance Matshidiso Kimwaga, pending a disciplinary process. Last week, the microlender announced interim appointments for the roles of company secretary, compliance officer and anti-money laundering compliance officer, while investigations continue.
While Letshego has not provided further clarity to the market about the sudden changes, the latest developments echo troubled times a few years ago at the micro-lender when several members of senior management threw in the towel, sparking a tumble in its share price.