Massy Holdings Ltd. Appoints New Acting General Counsel

• Massy Holdings Ltd has appointed Wendy Kerry, its former Senior Vice President, Corporate Governance & Corporate Secretary division, as the acting general counsel effective January 8, 2024. This decision follows the December 27^th resignation of Angelique Parisot-Potter, the Executive Vice President of Business Integrity and Group General Counsel.
• Mrs. Parisot-Potter was placed on paid administrative leave on December 20, pending the completion of an internal investigation related to claims she made during the company’s annual general meeting on December 18. She alleged that Massy was “spending scarce foreign exchange on an executive management programme in Fort Myers, Florida”.
• Massy has since denied these allegations and has initiated an independent process to investigate the claims made by the Group’s former General Counsel.
• Despite the incident and subsequent press releases, there were no significant movements in Massy’s stock price. The stock price closed at $89.07 on January 11, 2024. At this price, it trades at a P/E of 9.98x earnings, which is below the Main Market Conglomerate Sector Average of 10.20x.

(Sources: JSE, MASSY & NCBCM Research)