Chairman quits as battle for Letshego goes to the wire

Out: Banda handed in his resignation on Wednesday, after five years as chairman
Out: Banda handed in his resignation on Wednesday, after five years as chairman

Enos Banda resigned as Letshego Holdings chairman on Wednesday, together with two other directors, ahead of a contentious Annual General Meeting pitting key shareholders against each other in a fight for seats on the board.

By Press time on Thursday, voting in the AGM was ongoing where the Botswana Public Officers Pension Fund is seeking three seats on the board, while asset management firm, Allan Gray had four nominees it wanted voted in.

Letshego is a homegrown microlender now present in 10 African countries and boasting assets in excess of P16 billion. BIHL Ltd, a founding shareholder and the key driver of strategy at Letshego, held 28.1% equity, while the pension fund held 30.9% as at last week Thursday. Allan Gray holds 1.2% equity in Letshego on behalf of unnamed shareholders.

Editor's Comment
Let the law take its course

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