Private Property appoints new CEO
Amasi Mwela's appointment is effective January 2, 2019.
Private Property, a South African online real estate portal that enables property buyers to search and find property listings, has appointed Amasi Mwela (pictured) as the company’s new chief executive officer, effective January 2, 2019.
The appointment comes at a time when the property company seeks to boost its own growth since changing ownership in February 2018.
Amasi’s appointment follows the purchase of Private Property by Cognition Holdings, a niche technology player for R127 million in October 2018.
Cognition purchased Caxton’s shareholding in Private Property in exchange for 105.8-million new shares valued at R1.20 each. This will nearly double Cognition's shares in issue, which are currently 137.6 million shares.
One of the deal’s condition was that Cognition shareholders would waive the JSE’s rule that a mandatory offer would be triggered by Caxton raising its holding in the smaller company to more than 35 percent. Caxton plans to lift its shareholding in Cognition from 34.7 percent to more than 60 percent, becoming a subsidiary of Caxton.
“The company is now poised to build on its strong growth while enhancing the role that technology can play in the real estate industry,” the company said in a statement.
Amasi joins Private Property after heading Fundi, where he led the company’s rebranding and introduced comprehensive solutions for the education sector, which included funding, fund administration, support and related products.
Amasi previously worked for Old Mutal iWYZE, American Express Corporate Travel, First National Bank and Standard Bank. He holds a Bachelor of Commerce (Bond University) and has an MBA (Milpark Business School).