African Phoenix Investments Limited announced Mr. Morris Mthombeni has resigned as an independent non-executive Director and Chairperson of African Phoenix and has been appointed to the board of directors of the General Partner; Ms. Mahlatse Kabi has resigned as an independent non-executive Director and has been appointed as a member of the General Partner's Investment Committee; Mr. Siya Nhlumayo has resigned as Chief Executive Officer and executive Director of African Phoenix and has been appointed to the board of directors of the General Partner, a member of the General Partner's Investment Committee and a member of the General Partner's Advisory Committee; Mr. Shafiek Rawoot has resigned as Financial Director and executive Director of African Phoenix and has been appointed to the board of directors of the General Partner and as a member of the General Partner's Investment Committee; Mr. Oyama Mabandla has been appointed as an executive Director of African Phoenix and accordingly, will no longer be an independent non-executive Director of the Board; and Ms. Alethea Conrad, who is and will remain an independent non-executive Director of African Phoenix, has been appointed as the chairperson of the Board.