Homegrown pan-African microlender, Letshego Holdings, has maintained its spot as the Botswana Stock Exchange (BSE)’s top gainer for the year, despite recent turbulence within its top management.
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.