Legal Infomation

Your use of the Mergence website and email services, including the receipt via email of fact sheets, periodic reports and/or price and performance information, is subject to your accepting and complying with our terms of use. By using our website or email services, you agree and accept all of our terms of use.

The Financial Advisory and Intermediary Services Act, 2002

Mergence Investment Managers (Pty) Limited (‘Mergence’) is an authorised financial services provider in terms of the Financial Advisory and Intermediary Services Act, 2002 and is a member of the Association for Savings and Investment South Africa (‘ASISA’). Mergence is not authorised to and does not provide financial advice. All information contained on this website should not be construed, or relied upon, as advice. If you require financial and/or investment advice, please engage the services of an independent financial adviser.

Content

The information and content (collectively ‘information’) accessible through this website is provided by Mergence as general information about Mergence and its products and services. Mergence does not guarantee the suitability or potential value of any information or particular investment source. Any information on this website is not intended to provide nor does it constitute financial, tax, legal, investment, or other advice. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. It is recommended that you consult an independent financial adviser regarding your specific situation if you require financial and/or investment advice. Nothing contained in any service provided or any content on this website constitutes a solicitation, recommendation, endorsement or offer by Mergence, including in regard to buying, selling or holding any securities or investments, but shall merely be considered to be an invitation to do business.

Ownership and copyright

This website and its content are owned by Mergence and/or its licensors and are protected by copyright and other intellectual property laws. All rights not expressly granted are reserved. Any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation, or exploitation of this material will constitute an infringement of such protection. The copyright in all material vesting in Mergence published on this website shall continue to vest in Mergence. Without detracting from the above, Mergence authorises you to view, copy, download, print and distribute the content of this website, provided the content is used only for your information, non-commercial and private purposes. You are expressly prohibited from incorporating any proprietary material of Mergence and/or its licensors taken from this website in any other work, publication or website either of your own or belonging to any third party. The trademarks and logos displayed on this website are registered and/or in the process of being registered. Nothing contained on this website or in the content or information provided should be construed as granting any licence or right to use any of the marks without the prior written permission of the owner and no right, title or interest in any proprietary material contained on this website is granted to you.

Email legal notice

For our email legal notice, click here.

Privacy notice

For details about our privacy notice, click here.

Promotion of Access to Information (PAIA) Manual

For details about our PAIA manual, click here.

Complaints procedure

For details about our complaints procedure, click here.

Conflict of interest management policy

For details about our conflict of interest management policy, click here.

Important information

The content on this website and the information contained therein is made available to you ‘as is’ and ‘as available’. Mergence has taken and will continue to take care that all information provided on this website is true and correct in so far as this is under Mergence’s control. However, Mergence does not warrant that this website, the content provided or information contained therein will be error-free or will meet any particular criteria of accuracy, completeness or reliability of information, performance or quality and disclaims any liability for, any loss, damage (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of or which may be attributable, directly or indirectly, to the use of or reliance upon any information, links or service provided through this website. Although Mergence has taken reasonable measures to ensure the integrity of this website, including the content provided and the information contained therein, there is no warranty of any kind, expressed or implied made by Mergence, regarding the information or aspect of any service provided. Any warranty implied by law is hereby excluded except to the extent that such exclusion would be unlawful.

Mergence reserves the right to suspend, terminate or modify this website, email services or these terms of use at any time without notice. Any changes will be implemented and you can access at Legal Information. If you use this website after the changed terms of use have been posted, you will be deemed to have accepted the changed terms of use.

Promotion of Access to Information Act

The Promotion of Access to Information Act, 2000 (‘PAIA’) gives persons the right to access information that is required to exercise or protect their rights. In terms of PAIA, before access to information requested by persons is granted, certain requirements have to be met. PAIA also requires private bodies such as Mergence to compile a manual, designed to assist persons who want to exercise their right to access information. In general, you can visit our website without having to divulge any personal information about yourself. However, while using this website you may provide information about yourself or it may be collected by Mergence. Access to your personal information held by Mergence may also be requested by you or third parties. PAIA regulates and sets out the procedure for such a request and under what circumstances such access may be refused. The PAIA manual, the prescribed request form and information on applicable fees payable for access to this information, is available below.

Governing law

The content contained on this website will be interpreted and implemented in accordance with the laws of the Republic of South Africa.

Email Legal Information

Your use of our email services, including the receipt via email of fact sheets, minimum disclosure documents, periodic reports and/or price and performance information, is subject to your acceptance of and compliance with our terms of use. By using our website or email services, you agree and accept all of our terms of use.

The Financial Advisory and Intermediary Services Act, 2002

Mergence Investment Managers ( Pty) Limited (‘Mergence’) is an authorised financial services provider in terms of the Financial Advisory and Intermediary Services Act, 2002 and is a member of the Association for Savings and Investment South Africa (‘ASISA’). Mergence is not authorised to and does not provide financial advice. All information contained in this email communication, including attachments, should not be construed, or relied upon, as advice. If you require financial and/or investment advice, please engage the services of an independent financial adviser.

Confidentiality warning

The contents of this email and any accompanying documents are confidential and may be subject to legal privilege and client confidentiality. Any use of these, in whatever form, by anyone other than the addressee is strictly prohibited. If you are not the intended recipient of this email or facsimile, kindly notify the sender by return email, fax or phone call and please delete it from your system and/or device. You may not copy this email or disclose its contents to any other person, without Mergence’s express written consent.

Ownership and copyright

The contents of this email and any accompanying documents relating to Mergence and its subsidiaries and associated companies are owned by Mergence and are protected by copyright and other intellectual property laws. All rights not expressly granted are reserved. Any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation, or exploitation of this material will constitute an infringement of such protection. Without detracting from the above, Mergence hereby authorises you to view, download, print and distribute the content of this email and any accompanying documents, provided the content is used only for your information, non-commercial and private purposes.

The copyright in all material vesting in Mergence provided through email services shall continue to vest in Mergence. You are expressly prohibited from incorporating any proprietary material of Mergence and/or its licensors taken from this email in any other work, publication, email or website either of your own or belonging to any third party. The trademarks, logos and service marks (‘marks’) displayed in this email or accompanying documents are registered and/or in the process of being registered. Nothing contained in this email should be construed as granting any licence or right to use any of the marks without the prior written permission of the owner and no right, title or interest in any proprietary material contained in this email is granted to you.

Electronic communications

By communicating with Mergence through electronic means, you consent to receiving communications electronically and agree that all agreements, notices, disclosures and all other communications transmitted by electronic means satisfy any legal requirement, including but not limited to the requirement that such communication should be in writing. Unless otherwise agreed, an email is only considered to be received by Mergence once Mergence has confirmed receipt; and an email is only considered to be sent by Mergence once reflected as ‘sent’ on the Mergence email server.

Important information

Mergence has taken and will continue to take care that all information provided in this email is true and correct, in so far as this is under Mergence’s control. However, Mergence does not warrant that this email, the content provided or information contained therein will be error-free or will meet any particular criteria of accuracy, completeness or reliability of information, performance or quality and disclaims any liability for, any loss, damage (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of or which may be attributable, directly or indirectly, to the use of or reliance upon any information, links or service provided through this email. Furthermore Mergence shall not be liable if any variation is made to any document or correspondence emailed unless the variation has been approved by the sender. Mergence cannot and will not be held liable for any harm or loss resulting from viruses in this email or accompanying documents, including data corruption resulting therefrom. Mergence disclaims liability or legal responsibility for the non-delivery or incorrect delivery for whatever reason of the contents of this email, its effect on electronic devices or its transmission in an unencrypted medium.

Although Mergence has taken reasonable measures to ensure the integrity of this email, including the content provided and the information included, there is no warranty of any kind, expressed or implied made by Mergence, regarding the information or any aspect of any service provided. Any warranty implied by law is hereby excluded except to the extent that such exclusion would be unlawful.

Mergence reserves the right to suspend, terminate or modify the email services or these terms of use at any time without notice. Any changes will appear in this document, which you can access at any time. If you use the email services after the changed terms of use have been posted, the changed terms of use will be considered as accepted by you.

Personal use by employees

Mergence is not able to distinguish between business and personal emails. Users who make use of Mergence’s email system do so at their own risk and accept responsibility for any actions or consequences that arise from such personal use. Any views or opinions expressed in such emails are those of the individual sender and do not necessarily create obligations on or represent any commitment or view by, or opinion of Mergence. If you are unsure of the content or information contained in an email, it is advised that you seek written confirmation from Mergence before relying on the content and/or information. If an email contains offensive, derogatory or defamatory statements or materials, it means the email has been sent outside the sender’s scope of employment with Mergence and therefore only the sender can be held liable in his/her personal capacity.

Interception and monitoring

Users who make use of Mergence’s email system do so at their own risk and accept responsibility for any actions and consequences that arise from such use. In general terms, Mergence does not engage in blanket monitoring of communications. Mergence does however reserve the right at any time and without notice to intercept and monitor communications and stored files sent or received over or stored on Mergence’s information and communications systems, provided that such monitoring and interception is: performed by an Mergence representative properly authorised by Mergence; and for a lawful purpose.

Offer

Nothing contained in this email constitutes a solicitation, recommendation, endorsement or offer by Mergence, including in regard to buying, selling or holding any securities or investments, but shall merely be considered as an invitation to do business.

Governing law

This email and any accompanying documents will be interpreted and implemented according to the laws of the Republic of South Africa.

Company details

Registered name:
Mergence Investment Managers Proprietary Limited
(Registration no: 2004/021426/07)

Address:
2nd Floor, Block B, Cape Town Cruise Terminal
Duncan Road, V&A Waterfront
Cape Town, 8001

Directors:
MI Magerman, FR de Beer, B Jack, M Allie*
*(Non-executive)

Company secretary:
Tikvah Secretarial Services Proprietary Limited

For further information please contact the Chief Operating Officer at john@mergence.co.ls

mergence logo
For our latest company News & Insights, please visit our Mergence Investment Managers website.
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Lesana Housing & Consumer Finance, Maseru, Lesotho

Lesana is the largest licensed non-deposit-taking microfinance institution in Lesotho, specialising in serving government employees with loans for incremental housing, solar power units, water provision, insurance, and retail credit. With nine branches across Lesotho, it’s a vital support system for the community’s financial needs.

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Sanlei Premium Trout, Katse Dam, Lesotho

Sanlei is a trout farm located at Katse and Mohale dams with 5000 MT licenses. Sanlei exports sushi-grade trout to customers in Japan, South Africa, and the USA. It employs over 80 permanent staff and is the only BAP-certified aquaculture farm on the African continent.

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Thusong Financial Services, Lesotho

Thusong is a majority-Basotho-owned payroll-based lender, focused on transformational products for civil service clientele. Despite originally being a family-owned business, Thusong is now the country’s third largest microfinancier, with plans to further expand regionally. It currently operates three branches.

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Maluti Green Med, Maseru, Lesotho

Maluti Green Med is a vertically integrated licensed cannabis cultivator that operates on a 3500-acre farm. Its product range includes organic flowers, biomass, and brokerage THC. MGM is GACP accredited and is currently working towards obtaining a EU-GMP certification, with the facility already under construction.

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MG Health, Maseru, Lesotho

MG Health is the sole cannabis grower in Lesotho with GMP certification. It produces medical cannabis flowers and extracts (cannabinoid oils as creams, ingestible and capsules). Committed to improving the lives of Basotho, MGM has created over 250 jobs.

Mergence, in addition to our South African and Namibian private market funds, operates a private equity fund in Lesotho. Our investments in local opportunities aim to achieve high developmental returns alongside attractive capital gains, reflecting our belief that a sustainability-focused business is a good business. Our investment mandate is broad, encompassing many potential sectors. Currently, we are invested in the following sectors:

Healthcare

Micro-finance

Food security

Energy

Education

Aqua-Culture

Infrastructure

Mergence Lesotho Projects:
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Location: Maseru, Lesotho

Lesana is the largest licensed non-deposit-taking microfinance institution in Lesotho, specialising in serving government employees with loans for incremental housing, solar power units, water provision, insurance, and retail credit. With nine branches across Lesotho, it’s a vital support system for the community’s financial needs.

lesotho map
map pin
Location: Thaba Tseka, Lesotho

Sanlei is a trout farm located at Katse and Mohale dams with 5000 MT licenses. Sanlei exports sushi-grade trout to customers in Japan, South Africa, and the USA. It employs over 80 permanent staff and is the only BAP-certified aquaculture farm on the African continent.

lesotho map
map pin

Location: Maseru, Lesotho

Thusong is a majority-Basotho-owned payroll-based lender, focused on transformational products for civil service clientele. Despite originally being a family-owned business, Thusong is now the country’s third largest microfinancier, with plans to further expand regionally. It currently operates three branches.

lesotho map
map pin
Location: Butha-Buthe, Lesotho

Maluti Green Med is a vertically integrated licensed cannabis cultivator that operates on a 3500-acre farm. Its product range includes organic flowers, biomass, and brokerage THC. MGM is GACP accredited and is currently working towards obtaining a EU-GMP certification, with the facility already under construction.

lesotho map
map pin
Location: Maseru, Lesotho

MG Health is the sole cannabis grower in Lesotho with GMP certification. It produces medical cannabis flowers and extracts (cannabinoid oils as creams, ingestible and capsules). Committed to improving the lives of Basotho, MGM has created over 250 jobs.

The Mergence Prime CPI + 4% Fund is managed with the objective of producing a real return of CPI plus 4% per annum over the longer term while preserving capital over a rolling 12-month period. It may underperform relative to overall equity markets due to its focus on capital preservation and long-term capital growth. This portfolio has relatively low equity exposure, resulting in relatively low volatility compared to higher-risk portfolios. The portfolio is exposed to default and interest rate risks. Therefore, this fund is suitable for investors with medium-term investment horizons.

The objective of the Mergence Equity Prime Fund is to achieve returns that are greater than the FTSE/JSE Capped Shareholder Weighted Index (Capped SWIX) over any three-year rolling period without exposing the Fund to excessive risk. This portfolio has a higher exposure to equities than any other risk-profiled portfolio and therefore tends to carry higher volatility due to its high exposure to equity markets. The Fund is suitable for investors who seek specialist South African equity exposure as part of their overall investment strategy, believe long-term equity exposure adds value, and understand the nature of equity exposure in that there is a risk of market fluctuations.

Mergence offers a specialised selection of traditional fixed-income solutions, supported by a rigorous investment approach. Our product suite is crafted to provide substantial interest income with minimal risk of capital erosion, offering dynamic returns tailored to various risk appetites, and crucial diversification precisely when needed. The Mergence Prime Money Market Fund is structured to consistently outperform its benchmark performance over a rolling 12-month period, prioritising liquidity with a low-risk profile. This extensively diversified portfolio strategically incorporates a variety of South African money market instruments.

Semoli Mokhanoi

Director SADC & Head of Business Development & Marketing

BCom (Accounting)

BCom Hons (Financial Planning)

MBA (Strategy)

CFP®

General Tax Professional (GTP-SA)

Semoli joined Mergence in 2017 as a regional investment strategist. He has 20 years’ experience, including as a fund accountant, investment consultant, and business development executive. With a strong network of contacts throughout the Southern African Development Community (SADC), he is also a non-executive director on several company boards. Semoli also serves on the executive committee of Mergence Investment Managers.

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Papali Tejane

Principal Officer, Mergence Lesotho

Lesotho Diploma (Office Admin), BTech (Marketing)

Papali joined Mergence Investment Managers (Lesotho) in 2018 as an Office Administrator and in 2019, she was promoted to a position in business development. Papali responsible for generating local and regional leads, building, and managing client relationships, and managing office compliance requirements. She previously worked as an employee benefits administrator for NBC Lesotho and as a marketer at the Lesotho Electricity Company.

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Mosiuoa Possa

Client Relationship Manager

Diploma (Business Management),

PGDip (Financial Planning Law),

BCom (Investment Management)

Mosiuoa joined Mergence Investment Managers (Lesotho) with a strong background in sales, lead generation, customer service, and communication skills. Previously, he worked at First National Bank as a multi-skilled consultant in the operations processing centre; prior to that, he was involved in financial education, advising the clients of various institutions on investments, insurance, and aspects of estate planning.

Staff Kasief

Kasief Isaacs

Head: Private Markets

BCom Hons CA (SA)

Kasief joined Mergence in 2015. He has over 17 years of experience in the financial services industry. As Senior Investment Principal, he has a specific focus on energy, infrastructure, and impact within SA and SADC. He leads the Private Markets investment team, which has built up a stellar performance record over the past decade. Kasief has prior extensive international and local experience in SA’s renewable energy market. He is an experienced conference speaker and media commentator.

Staff Chito

Chitongwa Siame

Investment Principal

BSc Hons, MCom (Financial Management), ACCA

Chito joined Mergence in 2011 as an equity analyst in the public markets’ investment team focused on FMCG, hospitality, financial services, and telecommunications before transitioning to the private markets investment team in 2015. As Investment Principal, Chito focuses on private market investment opportunities within SADC. He has led transactions in the aquaculture and microfinance sectors and serves on the boards of several investment companies.

Staff Tshepiso

Tshepiso Appie

Investment Associate

BBusSci Hons

Tshepiso joined Mergence in Johannesburg in 2018 following 11 years of experience in the deal team of a private equity house. At Mergence, Tshepiso has worked on deals in medicinal cannabis, primary healthcare, affordable housing, agri-finance, specialised healthcare, waste management, secondary mining, student accommodation, financial inclusion, and fintech spaces.

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Ntsebeng Chabeli

Property Analyst

BA (Economics), PGD (Property Management & Development), MBA (Finance)

Ntsebeng joined Mergence Investment Managers (Lesotho) as a property analyst in 2022. She has six years of experience, including time spent as a real estate specialist and data analyst. Her responsibilities at Mergence include analysing the economic drivers of the commercial property portfolio and assessing the financial opportunity for existing and potential property investments.

Staff Linkeng

Linkeng Letsaba

Trainee Analyst

BCom (Investment Management and Banking), BCom Hons

Linkeng joined Mergence Investment Managers (Lesotho) in 2022 as a trainee analyst, where she supports the investment analyst team within private markets. Her role encompasses assisting with the origination of opportunities and guiding them through the investment process to implementation. Linkeng has team leadership skills, having been an SRC exco member at university.

Staff Nandipha

Nandipha Kenqa

Risk Manager

BCom (Financial Accounting), PGDA, CA(SA)

Nandipha joined Mergence as a risk manager in the Private Markets investment team in June 2017. She has six years of experience working as an external and internal investment auditor. Nandipha’s responsibilities at Mergence include ensuring that governance, risk, and control frameworks are effective and that all investment activities, across all markets, sectors, and deals, are in accordance with applicable legislation, regulation, and client mandates.

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Semoli Mokhanoi

Director SADC & Head of Business Development & Marketing
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Papali Tejane

Principal Officer, Mergence Lesotho
Web
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Mosiuoa Possa

Client Relationship Manager
Staff Kasief
READ MORE

Kasief Isaacs

Head: Private Markets
Staff Chito
READ MORE

Chitongwa Siame

Investment Principal
Staff Tshepiso
READ MORE

Tshepiso Appie

Investment Associate
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Ntsebeng Chabeli

Property Analyst
Staff Linkeng
READ MORE

Linkeng Letsaba

Trainee Analyst
Staff Nandipha
READ MORE

Nandipha Kenqa

Risk Manager

Mergence embraces the multi-culturalism and multi-racial diversity of Southern Africa, and we are building businesses that reflect this. We are committed to building a better future for our communities, children, environment and our country.

We are building and uplifting our communities to help ensure they are healthy, educated, and cared for.

The following project, among others, forms part of Mergence’s corporate social investment in Lesotho.

Kick4Life Football Club is a unique football club based in Lesotho. As a charity and a social enterprise, its mission is to change the lives and long-term prospects of vulnerable young people in Lesotho through a wide range of social development activities focused on health, education, and support for sustainable livelihoods.

The LNLVIP’s mandate is to promote, protect and advocate for recognition and inclusion of the needs and rights of the visually impaired into all public services.

LNLVIP is eradicating poverty amongst the Visually Impaired Persons, one of the key factors that people with disability face is poverty due to more reasons that cause barriers for them to end up not being improved economically. Therefore LNLVIP has embarked with journey to empower men and women with visual impairment economically by providing them with capital to start their own businesses after being skilled trained with what they can do for their self-employment.

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Administration

At Mergence, we focus on our core competency, which is fund management. As such, our fund administration is outsourced to an independent service provider, Maitland Fund Services.

Backup and Disaster Recovery Plan (DRP)

Our data and email systems are fully cloud-based, secured, and redundantly stored. Testing occurs periodically to ensure that a full backup is readily available. Our DRP ensures that we will be able to continue operating in the event of a disaster while we re-establish and set up a physical office.

Conflict of Interest

Our document titled Conflicts of Interest Policy and Conflict Management Framework outlines the conflicts of interest and conflict management policies adopted by Mergence and its employees, key individuals, and representatives. A copy of this document is available on request.

Complaint Handling Procedure

Mergence Lesotho has systems in place for the purpose of timely and efficient resolution of complaints within the specified timeframes. Our complaint handling procedure is documented and available on request.

Global Investment Performance Standards (GIPS)

These standards govern the preparation and presentation of performance numbers, and although compliance with them is voluntary, Mergence adopts the standards as they are considered best practice.

Regulation and Compliance

Legal compliance is also outsourced. Ongoing external compliance is outsourced to Compli-Serve SA. Compli-Serve SA is a leading independent specialist provider of advisory and operational compliance services to the financial services sector. Internally, the compliance administrator is accountable for compliance. Regular communication with the Central Bank of Lesotho ensures that Mergence is up to date with the latest regulatory changes and complies with the necessary requirements.

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Our clients comprise institutional pension funds, government agencies, fund of funds managers, multi-managers, and individuals within SADC. In providing investment management services to our clients, we:

  • enable retirement funds, individual – and other long-term investors – to meet their future obligations.
  • invest in businesses and large projects that would not have gained traction without our investment and involvement.
  • seek to find value where others do not and identify sectors or companies with capital needs not readily met in the public capital markets.
sanlei premium trout
lesana housing loans
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INSTITUTIONAL CLIENTS:

Our focus is on unlisted businesses and projects where our experience in the private equity and impact arenas, together with our specialised skill set, enable us to execute unlisted investments successfully.

Local retirement funds have an increased need to repatriate funds back into the country, and Lesotho has many local projects requiring funding in the areas of energy, transport, water, health, and telecommunications. Specialised fund managers such as Mergence Lesotho play an important role in providing debt and/or equity funding to projects as well as playing a pivotal role in implementing public-private partnerships between government and the private sector.

INDIVIDUAL CLIENTS:

We currently have three unit trusts available to individual investors.

Mergence CPI +4% Prime Fund (Unit Trust)

The Mergence Absolute Prime Fund is a South African multi-asset fund aiming to produce a real return of CPI plus 4% per annum over the longer term while preserving capital over a rolling 12-month period.

Mergence Equity Prime Fund

This is a fund seeking specialist South African equity exposure with the objective of achieving returns above the FTSE/JSE Capped Shareholder Weighted Index (Capped SWIX) over any three-year rolling period without exposing the fund to excessive risk.

Mergence Money Market Prime Fund

The Mergence Money Market Prime Fund is a secure and liquid investment option. It focuses on capital preservation while offering competitive returns aligned with short-term money market rates. Ideal for those who prioritize safety and easy access to funds. We offer a range of local and offshore investment strategies that meet the needs of retirement funds and individuals in Southern and Sub-Saharan Africa. We are dedicated to managing and growing our clients’ investments in a socially sustainable manner. Our clients are mainly institutional investors with a growing range of retail investors.

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At Mergence Lesotho, we embrace the following values:

Integrity and honesty

Excellence

Entrepreneurial Spirit

Growth and innovation

Fiduciaries

Transformation

It is our longstanding belief that companies cannot achieve sustainable economic success while neglecting their social and environmental responsibilities. Responsible investing forms an intrinsic part of our investment processes and supports our mission in creating sustainable shared value through delivering positive risk-adjusted returns for our clients while making a significant positive impact on society and the environment.

Engagement with companies and voting at shareholder meetings are both powerful tools that we have considered to be an essential part of our active management offering since the very beginning of our responsible investing journey. We were one of the first South African asset managers to make public its proxy voting decisions. Click here to view our historic proxy voting records.

CLICK HERE to view our historic proxy voting records.

We have been early supporters of initiatives guiding responsible investing, including:

  • Signatory to the United Nations supported Principles for Responsible Investment (PRI) since 2008
  • Supporter of the Code for Responsible Investing in South Africa (CRISA)
  • Signatory to the Climate Change 100+
  • Members of Carbon Disclosure project

Our investment processes deliberately include ESG considerations which are continually refined, updated and enhanced by the investment teams.

Our Public Markets team have an explicit ESG pillar and minimum ESG deliverables as part of their equity research process and portfolio construction. Similarly, the Private Markets team have an ESG management system which details how they incorporate ESG issues into the investment decision-making process with a view to mitigating overall portfolio risk, promoting sustainability, and generating positive impact. The system also spells out our ESG requirements of investee companies.

At Mergence, we believe in the power of People, Planet and Prosperity, acknowledging that making profits can only be justified if people and the planet are respected and preserved in the process. Our ethos of creating sustainable shared value is at the heart of our business. Making a positive impact on society, embracing diversity and inclusion, nurturing relationships, and encouraging an entrepreneurial spirit underpin our commitment to being a responsible employer.

As evaluated by an independent agency we currently hold a Level 1 BBBEE rating.

We offer a range of local and offshore investment strategies that meet the needs of retirement funds and individuals in Southern and Sub-Saharan Africa. We are dedicated to managing and growing our clients’ investments in a socially sustainable manner. Our clients are mainly institutional investors with a growing offering of retail investors.

ExploreDateFund Fact SheetTransactional Form
Capped SWIX FundFebruary 2024
Equity Prime Fund (Unit Trust)February 2024
SWIX FundFebruary 2024
ExploreDateFund Fact SheetTransactional Form
CPI + 4% Prime Fund (Unit Trust)February 2024
Domestic CPI +4% FundFebruary 2024
Global Balanced FundFebruary 2024
ExploreDateFund Fact SheetTransactional Form
Bond CompositeFebruary 2024
Prime Money MarketFebruary 2024
ExploreDateFund Fact SheetTransactional Form
Bond CompositeFebruary 2024

Mergence was a pioneer in impact and infrastructure investing, with a rich history showcasing the advantages of uncorrelated alternative investments. We strongly advocate for the potential of these investments to deliver consistent long-term returns while making a positive social impact. Our diverse portfolio encompasses a wide range of debt and equity asset classes carefully chosen from sectors that global and national organisations have identified as high-priority areas.

ExploreDateFund Fact Sheet
Bond CompositeFebruary 2024
Debt FundFebruary 2024
Equity FundsFebruary 2024
ExploreDateFund Fact Sheet
Renewable Energy Debt FundFebruary 2024
ExploreDateFund Fact Sheet
Bond CompositeFebruary 2024

Mergence is an independent asset management firm with a strong 18-year track record. We were founded in 2004 and have successfully grown our offering to a diverse product range across both public and private market investments, spanning specialist equity and fixed income, multi-asset, infrastructure, debt and private equity funds.

We are focused on sub-Saharan markets and led by a pragmatic, sustainable, shared value creation mindset. Responsible investing and ESG principles are part of our ethos and embedded across our investment processes.

Mergence is majority black-owned and managed and embraces the multi-cultural and multi-racial diversity of Southern Africa. We employ 58 people across our operations in Cape Town, Johannesburg, Windhoek, and Maseru.

who we are diagram

At Mergence we value our people. Our culture is characterised by a collective focus on excellence and development, keeping our staff motivated and committed to growing with Mergence and growing our clients’ savings.

Our senior investment team have worked together for nearly a decade. With over 300 years of combined experience our entire team, including analysts and fund managers, have distinct specialisation in both Public and Private Markets. We leverage data and key elements from each area to widen our perspective and innovate to obtain outperformance.

Staff Masimo

Masimo Magerman

Non-Executive Chairman, Mergence Group

Bachelor of Management Science (Finance)

MBA (Finance)

Masimo co-founded Mergence Africa Holdings in 2004 with the vision to create a world-class diversified group. With R42 billion in assets under management, the group spans asset management, derivatives trading, property, and industrial holdings. The primary subsidiary is Mergence Investment Managers, with a dual capability across Public and Private investment markets. Masimo is an entrepreneur by nature and believes fervently in “creating shared value”.

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Fabian de Beer

Chief Risk Officer

BCom (Accounting & Economics)

H.Dip.Ed

Fabian joined Mergence in 2006 with over 34 years’ experience in financial services, specialising in  investment and macro strategy. Fabian’s primary focus is on investment risk, compliance and regulatory matters across Public and Private markets. He serves on the Mergence Board as well as the in-country Boards where Mergence operates. He has held senior and executive management positions at major SA banks and retirement funds.

Staff Bongani

Bongani Jack

Director: Institutional Sales, Mergence Group

MTech (Marketing)

BTech (Marketing)

Associate Financial Planner (AFP) 

Certificate of Proficiency (Retirement Funding), Institute of Retirement Funds

Bongani joined Mergence Investment Managers in January 2009 in the Business Development team. He has 25 years of experience in the financial services industry, where he built an extensive network. His experience includes working as an institutional sales executive in employee benefits, and a manager in corporate social investment and transformation. Bongani sits on the Mergence Group executive committee.

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Nyonga Fofang

Independent Non-Executive Director

BA (Political Science)

Executive MBA

Nyonga Fofang, Independent Non-Executive Director at Mergence, has 25+ years of capital markets experience, specialising in private equity, M&A, leveraged finance, and general management. He co-founded and leads Bambili Group Investment Pty Ltd, a pan-African investment holding company. Nyonga also serves as a director at SourceTrace LLC in Boston. He began as a closed-end fund Equity Analyst at PaineWebber Inc. and holds degrees from Harvard University and UC Louvain.

Semoli Mokhanoi

Director SADC & Head of Business Development & Marketing

BCom (Accounting)

BCom Hons (Financial Planning)

MBA (Strategy)

CFP®

General Tax Professional (GTP-SA)

Semoli joined Mergence in 2017 as a regional investment strategist. He has 20 years’ experience, including as a fund accountant, investment consultant, and business development executive. With a strong network of contacts throughout the Southern African Development Community (SADC), he is also a non-executive director on several company boards. Semoli also serves on the executive committee of Mergence Investment Managers.

Staff Sholto

Sholto Dolamo

Managing Director, Mergence Investment Managers

BSc (Chemistry)

BTech (Ceramic Science) 

MSc (Engineering)

MBA (Administration)

Sholto joined Mergence in July 2022. He has more than 15 years’ experience in financial services with a focus on strategic leadership, product innovation, and research across all asset classes in Public and Private markets. He held various senior roles at the Public Investment Corporation including Acting Chief Investment Officer. Before entering the financial services sector, Sholto pursued a specialised career in resources and precious metals.

Staff Bradley

Brad Preston

Chief Investment Officer

BSc (Mathematics & Statistics)

MSc (Financial Mathematics)

Brad joined Mergence soon after its inception in 2006. As an investment analyst, portfolio manager and former Joint MD at Mergence, he has experience in derivatives, absolute return, and specialist equities, as well as leadership. In 2021 he was appointed as Chief Investment Officer.

Staff Karen

Karen Wagner

HR Executive

Diploma (HR Management & Training)

Karen joined Mergence in February 2014 as Office Manager. In December 2017, she was promoted to HR Manager. Karen has 27 years of experience in office management and finance, having worked at several large corporates before joining Mergence. In acknowledgement of the importance of our people, Karen was appointed to the executive committee of Mergence Investment Managers in October 2022.

Staff John

John Afordofe

Chief Financial Officer

BCom (Accounting)

PGDip (Accounting)

CA(SA)

John joined Mergence in November 2018 as General Manager: Operations. He was promoted to Chief Operating Officer in 2019. In September 2021 his role at Mergence was specialised into Chief Financial Officer as part of high-level changes to the Mergence executive leadership team to meet the company’s strong growth.

Staff Peter

Peter Takaendesa

Head: Equities

BCom Hons (Economics)

MCom (Economics)

MCom (Finance & Econometrics)

Peter joined Mergence in 2014 as a Senior Equity Investment Analyst specialising in the TMT sector. He became a portfolio manager in 2016 and head of the listed equities team in 2019. Peter has over 15 years’ experience in the financial services industry, having worked for several global investment banks. He won ABSIP equity analyst of the year in 2011 and has worked as a university lecturer in economics.

Izak Van Niekerk

Portfolio Manager

BAcc Hons

CA(SA)

Izak brings over 15 years of financial services experience to his role as Portfolio Manager at Mergence. He co-managed portfolios from November 2019 to December 2022, having joined the team in 2011 as an equity research analyst and dealer. His current focus encompasses resources, beverages, luxury goods, and healthcare. His background extends to being an investment committee member in private markets and an audit manager at PwC prior to joining Mergence.

Salome Maruma

Salome Maruma

Senior Investment Analyst

BCom Hons (Financial Management)

In 2023, Salome re-joined Mergence as a Senior Investment Analyst, having worked in the company in a trainee capacity before. With a focus on the retail and industrial sectors, Salome brings valuable experience from previous roles at local asset managers and a global investment bank over an eight-year career in the financial services industry.

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Malose Mamashela

Investment Analyst

BCom (Financial Analysis & Portfolio Management)

MSc (Chemical Engineering)

Malose joined Mergence in 2022 as an Investment Analyst. With 20 years of experience, she has a solid background in chemical engineering and financial analysis. Malose previously worked as a process engineer at Sasol, Project Services Group, and Chevron. She also served as a sell-side equity research analyst at Primaresearch. Additionally, she has lectured in her field at the CPUT and provided consultation to 4th-year Design Course students at UCT.

Staff Radebe

Radebe Sipamla

Investment Analyst

BCom (Economics Science & Business Finance)

Radebe joined Mergence in March 2021 as Investment Analyst in the Public Markets equity team based in Johannesburg. He currently covers banks, insurance, and other financials. With five years of experience, Radebe has in-depth sector knowledge across SADC, most notably in the banking, precious metals, and telecom sectors. In 2017 he won the ABSIP award for Research Analyst of the Year.

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Keagan Martin

Investment Analyst

BCom Hons (Finance/Investments), BCom (Economics and Finance) 

Keagan Martin joined Mergence in 2021 as a Client Relationship Manager, following his experience at Prudential Investment Managers. In 2023, he transitioned into an Investment Analyst role in the public markets’ investment team, where he now specialises in small to mid-cap industrials and food producers. 

Staff Mohamed

Mohamed Ismail

Head: Fixed Income

BSc (Actuarial Science & Mathematical Statistics)

BSc Hons (Advanced Mathematics of Finance)

Exec Masters (Finance)

CFA® Charterholder

Mohamed joined Mergence in March 2021 as Head of Fixed Income: Multi-Asset Class. He has 14 years of experience. Mohamed is responsible for a stand-alone fixed-income product and integrating a fixed-income investment process into the overall multi-asset strategy. He is the primary portfolio manager for the Mergence Composite Bond Fund and lead investment manager for the Money Market and Multi-Asset Income portfolios.

Fazila Manjoo

Portfolio Manager

BSc (Actuarial Science)

PGDip (Management in Actuarial Science)

Fazila joined Mergence in September 2020 as a Portfolio Manager in the Multi-Asset team. She has over 18 years of experience in the financial services industry, and a passion for research, technology, and sustainability. At Mergence, she is responsible for developing quantitative and systematic strategies across balanced and absolute return funds while also managing portable alpha strategies.

Staff Unathi

Unathi Hewana

Investment Analyst

BCom Hons (Financial Analysis & Portfolio Management)

BSc Hons (Biotechnology)

Unathi joined the Mergence Public Markets Investment team in July 2020 as an Investment Analyst in the Multi-Asset team. She has ten years of asset management experience and is completing her BCom Master’s degree in Applied Finance at UCT. Her primary focus at Mergence is a top-down and bottom-up analysis of the South African property sector.

Thabiso www scaled

Thabiso Mgwambane

Investment Graduate

BSc Hons (Physics)

Thabiso Mgwambane joined the Mergence Public Markets Investment team in July 2023 as an Investment graduate. With a BSc Honors degree in Physics and currently pursuing a Master’s degree in Astrophysical Sciences, he brings advanced computational and mathematical programming skills, as well as proficiency in analytical and quantitative methodologies.

Staff Morgan

Morgan Mlambo

Head: Investment Risk & Analytics

BSc (Mathematics & Statistics)

BSc Hons (Mathematics of Finance)

Financial Risk Manager (FRM)

MBA

Morgan joined Mergence in 2018. He has over 15 years of experience in the financial services industry. At Mergence, he has oversight on the generation and monitoring of investment risk metrics for Mergence portfolios including performance metrics, market risk, etc. In addition, he also has oversight on the compliance function pertaining to the Public Markets portfolios.

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Jeandre van Jaarsveldt

Investment Analyst: Investment Risk & Analytics

BCom (Economics, Risk, and Investment Management)

Jeandre joined Mergence in 2023 as an Investment Risk & Analytics analyst, bringing three years of industry experience. Notably, he honed his analytical skills and became the youngest team leader at Burgiss during his tenure as a Private Equity Data Analyst. His strength lies in working with databases and excelling at identifying errors and outliers through data manipulation.

Staff Nicolai

Nicolai De Greef

Trader

BCom (Finance & Investment Management)

Nicolai joined Mergence 2019 as a Trader. He has 14 years of experience in financial services, both in London and Cape Town, including in equity dealing, client relationship management, hedge fund administration, and fund accounting. At Mergence, Nicolai is responsible for executing equity trades for the Public Markets team as well as managing broker relationships.

Staff Kasief

Kasief Isaacs

Head: Private Markets

BCom Hons CA (SA)

Kasief joined Mergence in 2015. He has over 17 years of experience in the financial services industry. As Senior Investment Principal, he has a specific focus on energy, infrastructure, and impact within SA and SADC. He leads the Private Markets investment team, which has built up a stellar performance record over the past decade. Kasief has prior extensive international and local experience in SA’s renewable energy market. He is an experienced conference speaker and media commentator.

Staff Chito

Chitongwa Siame

Investment Principal

BSc Hons, MCom (Financial Management), ACCA

Chito joined Mergence in 2011 as an equity analyst in the public markets’ investment team focused on FMCG, hospitality, financial services, and telecommunications before transitioning to the private markets investment team in 2015. As Investment Principal, Chito focuses on private market investment opportunities within SADC. He has led transactions in the aquaculture and microfinance sectors and serves on the boards of several investment companies.

Staff Tshepiso

Tshepiso Appie

Investment Associate

BBusSci Hons

Tshepiso joined Mergence in Johannesburg in 2018 following 11 years of experience in the deal team of a private equity house. At Mergence, Tshepiso has worked on deals in medicinal cannabis, primary healthcare, affordable housing, agri-finance, specialised healthcare, waste management, secondary mining, student accommodation, financial inclusion, and fintech spaces.

Staff Linkeng

Linkeng Letsaba

Trainee Analyst

BCom (Investment Management and Banking), BCom Hons

Linkeng joined Mergence Investment Managers (Lesotho) in 2022 as a trainee analyst, where she supports the investment analyst team within private markets. Her role encompasses assisting with the origination of opportunities and guiding them through the investment process to implementation. Linkeng has team leadership skills, having been an SRC exco member at university.

Staff Nandipha

Nandipha Kenqa

Risk Manager

BCom (Financial Accounting), PGDA, CA(SA)

Nandipha joined Mergence as a risk manager in the Private Markets investment team in June 2017. She has six years of experience working as an external and internal investment auditor. Nandipha’s responsibilities at Mergence include ensuring that governance, risk, and control frameworks are effective and that all investment activities, across all markets, sectors, and deals, are in accordance with applicable legislation, regulation, and client mandates.

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Mosa Molebatsi

Senior Investment Associate

BCom (Actuarial Science, Quantitative Finance)

BCom Hons (Finance)

MPhil (Development Finance)

CFA® Charterholder

Mosa joined Mergence in 2023 as a Senior Investment Associate in the Private Markets team. Previously, she worked at the International Finance Corporation, the Public Investment Corporation, and Momentum Metropolitan Holdings in various investment roles. She is also involved in lecturing and foundation trustee work.

Staff Rizaan

Rizaan Samuels

Investment Associate

BSc (Finance & Accounts)

PGDip (Accounting)

CA(SA)

Rizaan joined Mergence in 2022 as an Investment Associate. He is a trained investment professional with extensive post-qualification experience in investment banking, asset management, and renewable energy debt investment. He is responsible for the origination and execution of deals in the SADC region for Mergence’s Equity and Debt funds, with a focus on infrastructure finance, renewable energy, and other clean energy investment opportunities.

Staff Piwokuthle

Piwokuhle Sotshonanda

Investment Analyst

BCom Hons

Piwokuhle joined the Mergence Graduate Trainee Programme in July 2018. In 2020, she was appointed as Investment Analyst in the Private Markets investment team. She is involved in deal origination, due diligence, and post-investment monitoring. Piwokuhle has five years of experience in numerous industries in South Africa.  

Staff Hileni

Hileni Nghinaunye

Portfolio Manager

BBusSc

PGDip (Investment & Portfolio Management)

Hileni joined Mergence Unlisted Investment Managers (Namibia) as a Portfolio Manager in 2017. She has 15 years of experience in financial services. At Mergence she has transacted on and overseen infrastructure and impact investments on behalf of Namibia’s largest retirement fund, including three renewable energy projects, and a bulk infrastructure/land servicing project.

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Veripi Ngapurue

Senior Investment Analyst

BCom (Economics & Finance)

BCom Hons (Financial Analysis & Portfolio Management)

CAIA Candidate

Veripi joined Mergence Unlisted Investment Managers (Namibia) as a Senior Investment Analyst in 2022. Prior to that, she gained experience as an unlisted Analyst at Temo Capital and held intern and trainee positions at EOS Capital and Simonis Storm stockbroking. Alongside her professional role, Veripi actively contributes as a budget coach, collaborating with Liberty Namibia on a financial literacy project.

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Ntsbeng Chabeli

Property Analyst

BA (Economics)

PGDip (Property Management & Development)

MCom (Finance & Investments)

Ntsebeng joined Mergence Investment Managers (Lesotho) as a Property Analyst in 2022. She has five years of experience, including time spent as a real estate specialist and data analyst. Her responsibilities at Mergence include analysing the economic drivers of the commercial property portfolio and assessing the financial opportunity for existing and potential property investments.

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Non-Executive Chairman, Mergence Group
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Chief Risk Officer
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Director: Institutional Sales, Mergence Group
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Independent Non-Executive Director
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Director SADC & Head of Business Development & Marketing
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Managing Director, Mergence Investment Managers
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Chief Investment Officer
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HR Executive
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John Afordofe

Chief Financial Officer
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Head: Equities
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Portfolio Manager
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Salome Maruma

Senior Investment Analyst
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Malose Mamashela

Investment Analyst
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Radebe Sipamla

Investment Analyst
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Keagan Martin

Investment Analyst
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Mohamed Ismail

Head: Fixed Income
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Portfolio Manager
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Unathi Hewana

Investment Analyst
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Thabiso Mgwambane

Investment Graduate
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Morgan Mlambo

Head: Investment Risk & Analytics
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Investment Analyst: Investment Risk & Analytics
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Trader
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Head: Private Markets
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Investment Principal
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Investment Associate
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Linkeng Letsaba

Trainee Analyst
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Risk Manager
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Mosa Molebatsi

Senior Investment Associate
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Rizaan Samuels

Investment Associate
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Investment Analyst
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Portfolio Manager
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Veripi Ngapurue

Senior Investment Analyst
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Ntsbeng Chabeli

Property Analyst