Property services group JHI Real Estate said on Monday that it had appointed former Transnet chairman Bongani Khumalo as MD with immediate effect.

Khumalo will acquire an interest in the company for an undisclosed amount, which will increase JHI's empowerment shareholding to more than 50%.

JHI chairman Les Weil said Khumalo had joined JHI on Monday, occupying the position held by Colin Wright for the past 10 years.

Wright resigned in September last year.

Khumalo's stake in JHI and "the structure around his stake" would make the company black- owned, Weil said.

He would not comment on the pricing of the deal.

"We prefer not to disclose that," said Weil.

"But the company is very excited about Khumalo's appointment. He will make a real contribution to the company."

The 105-year old JHI covers a full range of commercial property services and residential development through its subsidiary, Katavi Housing.

Its property services include property management, development management, valuations and broking.

It has assets worth about R8bn under management and has expanded into the rest of Africa.

Khumalo, Grey Global SA's chairman and an Angloplats director, holds an MA degree from Fairfield University in Connecticut and an MBA from Henley Management College, UK.

Khumalo, a member of the University of SA council and chairman of its Graduate School of Business Leadership, said he was excited to be involved in the property industry during a time of dynamic growth.

He expected JHI's activity base to expand and the group's involvement in providing property solutions for the public sector to increase.

Katavi Housing JHI had demonstrated its experience in the provision of several thousand housing units in Alexandra, Ormonde and Soweto.

Khumalo said the group would roll out similar developments in other parts of SA and in neighbouring states.

"JHI is revitalising its business model, which will again include greater entrepreneurial activity based on project developments for its private and institutional investor clients," Khumalo said.

Business Day
 
Publisher: I-Net Bridge
Source: I-Net Bridge