Ascension appoints Mhlanga as its financial director

Ascension Properties Limited has appointed Tsundzukani Mhlanga as its financial director effective 18 January 2016.

She is a qualified chartered accountant and holds a MBA from the University of Cape Town’s Graduate School of Business. Prior to joining Ascension, Tsundzukani was acting chief financial officer of Alexkor SOC Limited (Alexkor).

Mhlanga served on various board subcommittees at Alexkor for the past three and a half years overseeing, amongst other matters, the finance, procurement and risk management functions as well as the joint venture operations of the business. She completed her financial management articles at Edcon Holdings Limited and in 2009 joined Pembani Coal Carolina Proprietary Limited, where she held the position of finance and procurement manager.

Sisa Ngebulana, Chairman of Ascension said: “We are very excited about Tsundzukani’s appointment. We believe her experience will add significant value to Ascension, especially as we enter the next phase in our evolution.

“Her financial management background and skills are ideally suited to Ascension as we intend positioning Ascension as the predominantly commercial office focused REIT within the larger Rebosis Group in the medium term.”

Ascension is a listed subsidiary of Rebosis Property Fund with Rebosis effectively holding 59% of the issued share capital of Ascension. Rebosis and Ascension jointly announced their strategies on 8 December 2015 indicating that over time, Rebosis intends to promote Ascension’s strategy of being a predominantly commercial office focused fund and that Ascension will propose to acquire from Rebosis the commercial properties fitting with Ascension’s strategy, making Rebosis a predominantly retail focused fund.