Restructured Clover on a new path
Dairy company says streamlining move allows for a complete focus on its value-added business and doing what it does best
Clover has wrapped up the restructuring of the company, a move CE Johann Vorster called the “most exciting change in the business” since the dairy company listed seven years ago. The group announced on Thursday that a board of directors had been constituted for the Dairy Farmers of SA (DFSA) and that milk producers under the new subsidiary had been allotted B shares, which constituted 74% of the voting rights of DFSA. Clover will retain 26% of the voting rights via A shares. Members of the new board include former chief financial officer of the group, Louis Botha, in the role of CEO of DFSA. Vorster said he had asked Botha to come back in that capacity. Botha stepped down as Clover chief financial officer in 2016. Dirk Reyneke will be chairman of the DFSA board. Frederick Booysen and Tobias de Villiers will act in the capacity of executive directors. Clover said it was optimistic about its new path, which would have a complete focus on the value-added business. “Clover looks forward...
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