Safika’s Chairman resigns from Standard Bank Group to develop opportunities at Safika

Safika’s chairman, Mr. Saki Macozoma, has announced he is stepping down as chairman of insurance giant Liberty Holdings and deputy chairman of Standard Bank to develop opportunities available to Safika.

Mr. Macozoma is a major shareholder in Safika Holdings, which is in an expansion phase. Through its subsidiary Safika Resources, it has successfully entered the South African minerals and resources sector with its new Tshipi Borwa manganese mine in the Northern Cape and is now conducting a feasibility study into a second manganese mine in the area.

The Safika group is expanding internationally, having concluded significant recent transactions in Australia and Singapore.

“I enjoyed my 15 years with the Standard Bank group very much and I feel that I am leaving at a time when it is well positioned with a clear strategic vision and excellent prospects,” said Mr. Macozoma. “However, Safika is growing fast and is presented with opportunities that it would be short-sighted not to take advantage of and so I have decided to devote my energy there. The close working relationship that Safika has with Standard and Liberty will continue.”

Standard and Liberty are significant shareholders in Safika, which is one of their BEE partner companies. Safika also owns stakes in both Standard Bank and Liberty.

Moss Ngoasheng, Safika’s chief executive, stressed the company will remain invested in the Standard Bank Group. “Safika has no intention of selling Standard Bank or Liberty Holdings shares which are not subject to prior financial arrangements and consequently Safika will continue to remain a substantial shareholder in both institutions; we are long-term holders of both,” he said.