ASA International Group plc - Board and Management Changes

ASA International Group plc (LSE: ASAI), one of the world's largest international microfinance institutions announces that Karin Kersten, Chief Executive Officer, has decided to step down from her role to pursue other opportunities with effect from 1 November 2024.

In light of this development, the Board is establishing a transitional management team to ensure continuity and to take ASA International forward into the next phase of its transformation journey. With effect from 1 November 2024, Chris Low will step up from his current Independent Non-Executive Director role to become Executive Chairman and to lead this team. Rob Keijsers, current Chief Digital and Information Officer, will join the Board as an Executive Director and will act as Interim Chief Executive Officer. Guy Dawson will revert to being an Independent Non-Executive Director and will support Chris in his expanded role. Karin Kersten will continue to work with the transitional management team over the coming weeks, to ensure a smooth transition.

The Board has initiated a search process to assess external and internal candidates for the role of permanent Chief Executive Officer and further announcements will be made in due course. Following the conclusion of this process, it is expected that Chris will become Non-Executive Chairman.

Guy Dawson, on behalf of the Board, commented:

"We would like to thank Karin for her leadership, passion and contribution to ASA International over the last three years, during which time she has driven significant change, including the development of our digital strategy and a platform for our future transformation plans, as well as recent marked improvements in the Group's operational and financial performance.

"We are pleased that Chris has agreed to become Executive Chairman and to guide the management team. Chris has extensive leadership experience in international financial services, risk management and digital transformation, working across Africa, Asia and the Middle East. Equally, I am pleased to welcome Rob on to the Board in an enhanced leadership role. The Board have been impressed with his broader management skills and are confident that he will fully support Chris during this transitional period."

Karin Kersten added:

"The strong team at ASA International is driven to empower women and increase their economic and social position through access to financial services. The time is now right for me to move on and I look forward to following the successes of ASA International and its vital work to enhance financial inclusion."

The Group confirms that its business performance and outlook remain positive, as reported in the 2024 Interim Results published on 27 September 2024. The Q3 2024 Business Update will be published at 7am UK on 22 October 2024.

Contact Details

ASA International Group plc

Investor Relations

Jonathan Berger

[email protected]

Notes to Editors

Chris Low has been an Independent Non-Executive Director (INED) of ASA International Group plc since February 2023. Further he sits as an INED on the Boards of United Bank for Africa (UK) Limited, EdPartners Africa Holdings Ltd, a provider of finance to affordable schools in Kenya, and the Scottish African Business Association. In addition, he advises the Zephyr Acorn Fund, an investor in early-stage impact companies in East Africa, the Mobility Credit Fund that has been established to capture opportunities in the Africa electric mobility sector and several FinTech businesses operating on the continent. Prior to these appointments he was I&M Group Plc's Regional Director for its East Africa businesses. With over 30 years in international financial services, risk management and digital transformation, Chris has specialised in emerging markets, working across Africa, Asia and the Middle East.

Rob Keijsers took on the role of Chief Digital and Information Officer of ASA International Group plc in July 2023, having joined as Chief Information Officer in May 2022. Other than leading the IT department, he is responsible for the overall digital transformation journey which includes the implementation and adoption of the specific digital technologies as well as the way in which people, processes and technology can enable this digital way of working. Rob joined from ABN Amro Bank and over the past 15 years has gained experience in the cross section of business operations and IT in a multinational banking environment, specifically in large scale digital transformations, post-merger and agile integrations, and setting up green field operations.

This announcement is made pursuant to Listing Rule 6.4.6R. In accordance with LR 6.4.8R, the Company confirms that there is no information to be disclosed in terms of LR 6.4.8R (1) to LR 6.4.8R (6) inclusive in respect of Rob Keijsers.

About ASA International

ASA International Group plc (LSE: ASAI) is one of the world's largest international microfinance institutions, with a strong commitment to financial inclusion and socioeconomic progress. The company provides small, socially responsible loans to low-income, financially underserved entrepreneurs, predominantly women, across South Asia, South East Asia, West and East Africa.

Disclaimer

'ASA International', the 'Company', the 'Group' all refer to ASA International Group plc and its subsidiaries.

This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities. The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restriction.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated by the Market Abuse Regulation (EU) No.596/2014, as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.

The person responsible for the release of this announcement on behalf of the Company for the purposes of MAR is Martijn Bollen, Chief Compliance Legal & Risk Officer.