BIZ BRIEFS

Libstar sheds a division

Lancewood cheeses and Denny mushrooms producer, Libstar Holdings, has entered into a deal to sell off its household and personal care division for a purchase consideration of R174.6-million.

The group is disposing of its Contactim and Chet Chemicals division, which manufactures household cleaning products and personal care products.

The household and personal care division has products such as tissues, cotton wool, bleach and soap that the group provides as private label brands to retailers such as Pick n Pay, Makro and Woolworths.

The group said on Monday that selling off this division is part of its strategy of shifting its focus to growing its core food offerings while it shifts its non-food division to a stand-alone business.

Libstar has agreed to sell a 70% stake in the household and personal care division to PAPE Fund Managers and Kanaka Chemicals, which have an option for full control.

New boss for Santam

South Africa’s largest short-term insurer, Santam, has appointed Carla Jordan as the chief executive of Emerald Risk Transfer, its wholly-owned subsidiary that underwrites corporate property and affiliated engineering risks.

Jordan is currently the chief financial officer at Emerald Risk Transfer and has also served as an executive director at the company since 2012.

Jordan succeeds Bernie Ray, who has resigned as chief executive of the company since 2013.

“Carla has worked at Emerald for 14 years and has therefore acquired a broad knowledge of the business. She has also been intricately involved with the strategy and growth of Emerald as it has evolved over the years into a leading corporate underwriter in the African continent.

“Carla is an accountant by profession and has also recently completed her MBA,” said Quinten Matthew, the executive head of Santam’s Specialist Business.

The appointment is effective from 1 March this year.