Battlelines drawn ahead of Letshego AGM

Moment of truth: Major shareholders in Letshego go head to head on June 24 PIC: PHATSIMO KAPENG
Moment of truth: Major shareholders in Letshego go head to head on June 24 PIC: PHATSIMO KAPENG

Two major shareholders of Letshego Holdings are set to cross swords next week in a fight for seats on the board, a battle that centres on who influences the strategic direction of the homegrown group that holds assets of more than P16 billion.

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.

Editor's Comment
Urgent call: Stop the killing!

The previous week, we had an article about a police officer shooting his wife, and turning the gun on himself, whilst he died, his wife survived and is still in the hospital.Sadly that was not the only article we carried on intimate partner killings. There was the Francistown case, where a young woman allegedly stabbed her ‘former boyfriend’ and many others which were reported throughout the week.As all the reports were coming in, a Botswana...

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