Merger of MEGA, MADC and MHFCo
28 April 2010
As promised, we can report that the Honourable Premier has
assented to the Bill which merges the old MEGA, the MADC (the Mpumalanga
Agricultural Development Corporation) and the MHFCo (the Mpumalanga Housing
Finance Company), to establishes a new entity to be known as the Mpumalanga
Economic Growth Agency (MEGA), in terms of the Mpumalanga Economic Growth Agency
Act of 2010 (Act 1 of 2010). This therefore means that the old MEGA and the MADC
have ceased to exist, in terms of the law, by the end of March 2010, with the
exception of the MHFCo, which still needs to be de-established in line with the
Companies Act of 1973, since the entity was registered as a Section 21 Company.
The process to de-establish the entity is currently underway and we hope it will
be concluded in a short space of time.
You will also recall that we previously informed you that
the Executive Council has decided to retain the name MEGA, for the new super
entity, in order to save costs associated with establishing a new entity.
To kick-start the integration of the merged entities, we
have appointed an Interim Board and an Acting Chief Executive Officer to oversee
the process and run the new entity, in terms of section 7(4) and 13(7) of the
MEGA Act of 2010.
The Interim Board consists of nine (9) members, under the
chairpersonship of Mr Z. Mncube, who was the Chairperson of the old MEGA Board.
Other members are Mr G. Mokoena, who is the Chairperson of the Board of the soon
to be de-established MHFCo; Mr J. Nzima, who was the Chairperson of the MADC
Board; former Deputy Speaker of the Mpumalanga Legislature, Mr B.J Nobunga;
former chairpersons of the Audit Committees of the three (3) merged entities, Ms
Z. Mashele, Ms N.R Shabangu and Mr E. Mabhena; and two labour representatives,
Messrs D. Manana-Mavuso and V. Ntshangase. For the position of the Acting CEO,
we have appointed Mr G.J Dladla, who is the CEO of the soon to be disbanded
MHFCo.
Extract from MEC JL Mahlangu's Media Statement on 19 April 2010
