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Letshego CEO explains foreign based managers

Publishing Date : 11 June, 2018


Letshego Chief Executive officer, Chris Low has dismissed allegations that the group intends to move its headquarter base from Gaborone to a “much bigger economy”, possibly in Mauritius. The company registered a holding company in the Indian Ocean Island last year.

The Letshego Group has grown tremendously and now operates in over 10 countries, and has listed in the Botswana Stock Exchange (BSE). Just recently, the company announced it has acquired P250 million capital for further expansion into the African market. Following rapid growth and spread of the Letshego brand into the Sub Saharan market now operating in over 10 countries, the Botswana Stock Exchange listed company has been constantly linked with relocation of its headquarters to bigger African economies with Mauritius topping the conversations.

Low explained however, that Letshego’s establishment of a Mauritian Company was in line with international practice to streamline treasury operations and reduce double taxation costs as a result of operating in multiple jurisdictions in Africa. He highlighted that the Mauritius Company falls under the full subsidiary holding of the Botswana Company. He said the organizational structure was compliant with international and local regulations across the continent and the benefits and savings from such a structure were generated for the Botswana Holding company.

“It is an aspect that we believe must be understood with full sensitivity as you can imagine the implications of incorrect information being circulated on this, namely undue panic despite the fact that Letshego is a fully Botswana-committed business, and proudly so,” Low said.
Low further explained that Letshego like many international and regional companies, looks to leverage regional expertise in the interests of building a sustainable and successful strategy across the continent.

“While a number of senior managers are based outside of Botswana, this is because their particular contribution or expertise is best leveraged in that market. All senior managers regularly meet in Botswana during what we call “home week,” further enabling full team alignment beyond discussion in other forums/platforms. Our diversity in culture is our strength,” he said.

Like its other 10 markets in Africa, Botswana also benefits from the Group’s regional expertise, digital innovations and best practice.  “This is part of our Group commitment to shared learning and support, Investments continue to be made in various sectors and to support a number of key social growth opportunities.”  Low highlighted that his company takes pride in being of Botswana roots.

“Every role in Letshego Botswana, the local country business, is filled with a Botswana National.  Letshego is proud of its ability to employ Batswana and contribute to local employment levels within the economy – it is something we pride ourselves on as a Botswana born business to support our economy in this way,” he said.

He further shared that Letshego Holdings Limited has expressed an interest in securing a Botswana banking license, and efforts are underway towards achieving this. He said the Group will provide updates when available. “Like so many other multinationals in Africa, the Letshego Group has people located across the Africa region, given our Group operations and presence spans 11 countries across Sub Saharan Africa. Its Head Office remains based from Gaborone.”

Low noted that Letshego Group’s diversity in culture and nationalities was its strength and that the group remains committed to strengthening the pool of human capital and skilled resources as well as to encourage shared learning and skills development across the country.



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