Balopi resigns as Turnstar chair, but wants to remain director

Patrick Balopi, who has served on the Board at the inception of Turnstar Holdings, and rejoined the Board as Board Chairman on the 10th August 2016, has expressed desire to retire as the company’s chair, according to a cautionary statement. Balopi will retire as Board Chairman on the 28th July 2022.

Turnstar says he has offered himself for re-election as a non-executive director. “As a founding member of Turnstar we remain grateful to him for his sterling service, stewardship and commitment to this business,” the company says. “Butler Phirie, who serves at present as a non-executive director on the board, following ratification at the AGM, would, with the support of the Board and Shareholders, assume the role of Board Chairman.”

Phirie has served on the Board since 1^st July 2021. The effective date of appointment of Butler Phirie as Board Chairman is the 28th July 2022. Pierre Bezuidenhout has tendered his resignation from the Board, having served the prescribed period of 9 years. Turnstar says board rotations are a standard and necessary practice, but this also means paving the way for new perspective from prospective Board Member candidates being young, experienced individuals who can add further value and guidance to the business. Bezuidenhout will retire on the 30th June 2022.

Proposed new Board Members include Thobo Kerekang and Amaresh Chetty, both of whom would, post ratification, serve as Non-Executive Directors. Kerekang is a practicing attorney registered and working in Botswana. He is at present a Legal Executive at Special Economic Zones Authority (SEZA) and, prior to this, was Legal Counsel and Company Secretary at Kgalagadi Breweries Limited. He is also the Co-Founder of Keno Custom Suits. Chetty is the Chief Investment Officer at Ngwenya Capital and has in excess of 15 years’ investment and commercial experience across various sectors, including but not limited to real estate, healthcare, and financial services. The Board says it looks forward to the new experience, diversity and expertise Kerekang and Chetty would bring. The effective date of appointment for both Kerekang and Chetty is the 1^st July 2022.

The Board says it has undertaken a series of key stakeholder engagements over the last few weeks. This is with respect of key partner interests in the business, and the importance of engagement and dialogue in helping shape the future of the business, building on a foundation of 20 years to date. “Turnstar is a proudly Botswana business that works to create value and returns for stakeholders and shareholders alike. We have a duty and responsibility as well as a passion to do right by our stakeholders and we are committed to this without restraint. Turnstar remains unwaveringly determined to creating shared value as we invest, manage and grow properties that bring about real returns for communities and investors.”