Notice

South Ocean Holdings Limited changes to the Executive and Leadership Team

Farhad Ally is currently the Managing Director for Radiant Group, the light fitting, lamps and electrical division. Dean Johnson has been promoted to Managing Director for South Ocean Electric Wire Company, the electric cable manufacturing division, as from 1 September 2015.

South Ocean Holdings’ foundation is its dedicated staff and strong management teams, they are the building blocks of the Group and SOH are reliant upon them in order for the Group to succeed and grow. Currently there are over 700 hardworking individuals in both the respective subsidiaries. The Group is also supported by an enthusiastic and competent management team, who are very driven to succeed in their respective activities.

The Group has a diverse blend of cultures within the subsidiaries, and have an innovative and diverse product range from manufacturing to retail.

The Group has weathered challenging times and the current economic outlook of the country is not a positive one. The reality of the South African economic decline and the pending recession are impacting all market sectors. The GDP has decreased since the last quarter, the manufacturing, the wholesale and retail sectors, including the mining sector have decreased by 6.3%, 0.4% and 6.8% respectively, coupled with the rand reaching some of its lowest levels in recent years, is an indication the tough economic period which we are currently facing. The Group’s performance is affected, as these are the Group’s direct trade sectors. The decreases can be attributed to a various number of factors such as; power outages, loss in consumer confidence and industrial action.

Despite these bleak circumstances, the management and staff are optimistic that the Group will be able to trade through the negative economic conditions.

The SOH Board has every confidence that with these new appointments, the Group will have the ability to build on its existing strengths and develop in the new directions that will ensure future sustainability and growth for both subsidiaries.

The Board would like to sincerely thank the previous CEO, Mr Paul Ferreira for his dedication and positive contributions towards the SOH Group over the past 16 years.

Financials

Developments

South Ocean Holdings is committed to the electrical and accessories market, which is critical to the long-term development of South Africa. Our faith in the potential of the market to support efficient operators like SOEW and Radiant is undiminished.

CSR

The board of South Ocean Holdings is committed to corporate citizenship and strives to follow best practice in ensuring the group has a positive impact on the South African economy, its employees and the communities in which it operates.