South African platinum firm Incwala Resources has found a new chief executive in the shape of an investment banker from JP Morgan Chase.

Arne Frandsen, who helped the company set up last year, has been appointed the new chief executive.

Incwala, the Zulu word for "first fruits of the season", came into being in September as a spin-off from the world's third biggest platinum miner Lonmin.

A spokesman for the firm said it had hoped to fill the position with a South African born black chief executive in an economy still largely dominated by white South Africans.

"The board unanimously agreed that this is the best person for the job at the time.

"This does not mean that there will not be opportunities to explore HDSA (historically-disadvantaged South African) positions as the company grows and expands," he added.

Incwala also announced it was planning to make a number of takeover deals to boost the company beyond its 18 per cent stake in the South African platinum activities of Lonmin.

The Incwala spokesman said the company was still finalising work on potential transactions.

"They are active, there are a number of deals that they have surveyed.

"They hope to make an announcement sooner rather than later on deals they are interested in," he added.