Battlelines drawn ahead of Letshego AGM

The country’s single largest investment fund, the Botswana Public Officers Pension Fund (BPOPF), holds 30.9% equity in Letshego and wants three new nominees on the microlender’s board. Meanwhile, the country’s largest and most diversified financial services group, BIHL Ltd, holds 28.1% shareholding and as a long time investor and industry affiliate, reportedly enjoys influence over Letshego’s strategic direction and is keen to maintain the status quo.

Six seats are up for grabs at the Annual General Meeting on June 23, set to be conducted virtually. Four current directors, including the chairman, Enos Banda, are due to retire in line with the group’s constitution while one has resigned. Another director was appointed on a ‘casual basis” in December to fill a vacancy, meaning that spot on the board is also the subject of jostling.