December 11, 2017 7:02 AM ET

Capital Markets

Company Overview of Public Investment Corporation Limited

Company Overview

Public Investment Corporation Limited is a government owned investment manager. It provides its services to public bodies that operate pension, provident, social security and guardian funds. The firm launches and manages funds. It invests in the public equity and fixed income markets across South Africa. It also invests in property assets, private equity, early stage venture capital, mezzanine, small, medium and large-sized unlisted companies, and private sector and public sector organizations and developmental investments. Within direct investments, it invests in economic infrastructure including energy infrastructure, logistics network, water infrastructure, ICT and broadband infrastructur...

Menlyn Maine Central Square

Corner Aramist Avenue & Corobay Avenue

Waterkloof Glen Extension 2

Pretoria,  0181

South Africa

Founded in 1911

Phone:

27 12 742 3400

Fax:

27 12 346 3276

Key Executives for Public Investment Corporation Limited

Chief Executive Officer and Executive Director
Age: 55
Chief Financial Officer and Executive Director
Acting General Manager
Fund Principal
Compensation as of Fiscal Year 2017.

Public Investment Corporation Limited Key Developments

Public Investment Reportedly Interested In Chevron's South African Assets

Public Investment Corporation Limited is reportedly interested in taking part in the acquisition by Glencore Plc (LSE:GLEN) and a group of black South African-owned companies of Chevron Corporation's (NYSE:CVX) assets in the country, according to three people familiar with the matter. Public Investment could buy a portion of the business from Glencore or the minority owners, said one of the people, who asked not to be identified because the plans aren’t public. The three parties could then raise cash by selling shares in the company on the Johannesburg Stock Exchange, the person said. Chevron originally agreed to sell its 75% shareholding in the southern African business to China Petroleum & Chemical Corporation (SEHK:386) for $900 million. However, the deal stalled after black-owned minority partners including African Legend Investment Limited exercised a preemptive right on the stake. Glencore is interested in selling down the stake to reduce the size of its financial commitment, a person familiar with the matter said last week. The company intends to limit net capital expenditure across its oil business to less than $500 million over the next 12 months, it has said. “Public Investment Corporation has been approached with a proposal to invest in Chevron, but no investment decision has been made,” it said in a statement. According to Bloomberg, Glencore and African Legend Investment Limited declined to comment. Chevron and China Petroleum & Chemical Corp. didn’t immediately respond to emailed questions

Vodacom Reportedly To Sell Stake To Black Investors

Vodacom Group Limited (JSE:VOD) is reportedly selling 12.47% stake of a ZAR15 billion to bolster black empowerment in the local economy, according to two people familiar with the matter. The transaction envisions Vodacom buying back a 12.47% stake from Public Investment Corporation Limited. Vodacom adds that as a subsequent part of the plan, it would consider listing the shareholding via a separate vehicle open only to black investors. One unnamed source claimed that talks with PIC are ongoing and a deal could come in the next few months.

PIC Reportedly Eyeing Barclays Africa

Public Investment Corporation Limited (PIC) may acquire stake in Barclays Africa Group Limited (JSE:BGA). Two sources close to the matter said that PICL has sought approval from South Africa's central bank to raise its stake in Barclays Africa. Barclays Africa's parent, Barclays Bank PLC (LSE:BARC) wants to reduce its holding to below 20%, which would make it an equity investment rather than a subsidiary. The plan is part of a broader sale by the company of its African assets as it shifts to focus on the United States and Britain. PIC could buy at least an additional 31% stake, the sources indicated. The source stated, “PIC has always looked at Barclays Plc's retreat as an opportunity to create a black-owned bank, but there aren't many people with deep pockets to make that happen.” The news report stated that the South African Reserve Bank's spokesman Jabulani Sikhakhane declined to comment. Sources with knowledge of the matter told Reuters in September 2016 that former Barclays Plc, Chief Bob Diamond was still looking to acquire the remaining 50%.

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