Picture: ISTOCK
Picture: ISTOCK

Wescoal named Nedbank investment banker Reginald Lavhelesani Demana as its new CEO in a statement on Friday, also announcing several changes to its board and executive team.

“Some of the notable transactions he has advised Wescoal on include the acquisition of Keaton Energy, a BEE transaction that saw Wescoal becoming majority black-owned, and various capital-raising transactions,” the statement said.

“Recently, he has also been involved in Wescoal’s participation, along with Ata Resources Coal Investments, in the proposed acquisition by the consortium of the entire issued share capital of Universal Coal, as well as other significant transactions presently under consideration.”

Demana joins Wescoal on April 1, filling a vacancy created when former CEO Waheed Sulaiman’s resignation, with effect from January 31, was announced on January 28, with no reasons provided for his exit. The junior coal miner’s independent non-executive director Humphrey Mathe has acted as interim CEO.

Wescoal said Mathe will now replace Muthanyi Robinson Ramaite as its chair as on July 1.

In addition, businesswoman Zukie Siyotula and “mining investment guru” Martin van Wijngaarden have been appointed as independent non-executive directors.

Ramaite said the appointments are in line with the board’s commitment to revitalise and renew skills and leadership at Wescoal.