Nominee CFO Awards: Wallace Holmes. CFO Afrocentric

Wallace Holmes is nominated for the CFO Awards. Here below the factsheet of Wallace and Afrocentric is shown. The factsheet together with his jury interview will be used to determine the CFO Award winners.

Wallace Holmes

Afrocentric Investment Corporation

Chief Financial Officer

Nationality: South African
CFO since: 2010

Other current positions:

  • CFO and director of AfroCentric Health Limited
  • CFO and director of Medscheme Holdings (Pty) Limited


  • 2010 - Present: Chief Financial Officer and Financial Director - Afrocentric Investment Corporation
  • 2006 - Present: Executive Director - Afrocentric Investment Corporation
  • 2003 - 2010: Chief Financial Officer - Medscheme Limited
  • 1996 - 2003: Chief Financial Officer - Airport Company of South Africa
  • 1988 - 1996: Chief Financial Officer - Tiger Brands
  • 1988 - 1988: Financial Director - Adcock Ingram


  • CA (SA)

Additional information
He also gained experience working in Financial and Secretarial positions at The Boots Company, Joy Manufacturing and Alpha Cement respectively. He completed his articles both locally and in London with Coopers & Lybrand.

Afrocentric Group
Employees: 3500 (2013)
Listed: JSE
Sector: Healthcare sector
Industry: Healthcare

Medscheme is the third-biggest medical schemes administrator in SA
The Afrocentric group operates in 3 separate sectors being Afrocentric Health, Afrocentric Technology and Afrocentric Resources.

Afrocentric Health
Afrocentric holds a majority equity stake in Afrocentric Health Limited (formerly known as Lethimvula Investments Limited ("AHL")), and continues to engage with AHL shareholders who offer their AHL shares for sale.

AHL owns 100% of the shareholding in the following companies :

Medscheme Holdings (Pty) Ltd
Medscheme is a multi-medical aid scheme administrator. The company is the largest health risk management services provider and the third largest medical scheme administrator in South Africa. Their focus is to achieve sustainability through innovation, effective health risk management, complemented by careful control over healthcare costs and a relentless drive for operational efficiency.

Medscheme operates within 3 separate silos, those being Medscheme South Africa, Afrocentric Health Solutions and Medscheme International. Although Medscheme is essentially a South African enterprise, the company has a meaningful presence in various countries and is exploring several opportunities for further international expansion.

Helios IT Solutions (Pty) Ltd
Helios provides health-centric technology solutions. Started in 2009 when the main administrative system of Medscheme, Nexus, was transferred to Helios. The rationale for this was a long-term strategy to have a standalone, separately branded company in the Afrocentric Group which could be sold/outsourced to external administration clients as well as support the Afrocentric Group.

Aid for Aids Management (Pty) Ltd
Specialising in aids-related treatments and programmes this business has established itself as a world leader in providing assistance to help business care and medical scheme manage individuals living with HIV/AIDS.

Afrocentric Technology
Afrocentric holds a minority interest in the JSE listed Jasco Electronics Holdings Limited ("Jasco").
Jasco provides solutions, services and products to customers through three core divisions : Information and Communication Technologies ("ICT"), Industry Solutions ("Industry") and Energy Solutions

Afrocentric Resources
Afrocentric has an exploration and prospecting relationship with Rio Tinto Plc ("Rio Tinto"), in terms of the Reciprocal Strategic Co-Operation Agreement ("RCSA"). In terms of the RCSA, Rio Tinto is obliged to offer Afrocentric participation in all new start up opportunities which are approved by Rio Tinto for research and exploration.

Rio Tinto
Rio Tinto Plc is a London listed public company headquartered in the UK and together with Rio Tinto Limited forms the Rio Tinto Group. Rio Tinto is a world leader in finding, mining and processing the earth's mineral resources.

Financial Results:

Revenue (R Million)









Net Income (R Million)









Annual report 2013
Now that the acquisition of AHL (Lethimvula) is virtually finalised, Shareholders can take comfort from the fact that AHL has developed into a significant player in the private health care industry, a company with a proven business model, a sound, experienced and talented management team and a track record revealing a sustainable and impressive growth trend in earnings. The Group's investment in Jasco has been unfortunate, the effect though, arising substantially through the poor performance and impairment of M-TEC. The decision to categorise M-TEC as an asset for sale may well be the right decision. M-TEC has a substantial production capacity and net asset value and its fortunes could easily be reversed in the right economic circumstances. The Group's balance sheet is largely ungeared, its cash flows have always been strong and the Board remains confident in the Group's positive direction for 2014.
Source: Annual report Afrocentric 2013


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