Tibiyo to disband board of directors

Musa Ndlela, the Manager-Public Affairs at Tibiyo, dropped the bombshell yesterday.

Ndlela listed the companies whose board of directors would be disbanded as Tibiyo TakaNgwane, Royal Villas, Dalcrue Agricultural Holdings, The Swazi Observer (Pty) Ltd, Royal Swaziland Sugar Corporation, Swaziland Beverages, Swazi Spa Holdings, and FINCORP.

The rest of the investee companies include Bhunu Mall, Maloma Colliery, Inyoni Yami Swaziland Irrigation Scheme, Ubombo Sugar Limited, Tibiyo Properties, Tibiyo Insurance Brokers, Parmalat Swaziland, Simunye Plaza and Metro Cash & Carry Holdings Swaziland.

Ndlela said they had already dispatched letters to all the outgoing directors of the 17 different companies, informing them that their term of office would expire in three months time (at the end of October this year).

He said the distribution of the letters commenced on Monday.

"As Tibiyo TakaNgwane, we want to adhere to the rules of corporate governance by having time frames for all our board of directors," said Ndlela.

He said the to-be disbanded directors would be replaced by new ones.

"Such a move is not aimed at firing people, but having new directors in place and replacing those who have died," he added.

Ndlela said: "The to-be appointed board of directors will serve for a stipulated period of three years." He further stated: "In the past, there was no time frame for the directors."

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