PUBLIC Investment Corporation (PIC), the biggest fund manager on the continent, has reduced its shareholding in Pretoria Portland Cement Company (PPC), South Africa’s largest cement producer.
The PIC’s disposal of shares in PPC is part of rebalancing its listed investment portfolio which started early this year.
A statement issued by PPC shows that the shares of the Company held by PIC have been reduced from 9.52% to 4.93% of the total issued share capital of PPC.
“By section 122(1)(b) of the Companies Act, No. 71 of 2008 and section 3.83(b) of the JSE Listings Requirements, shareholders are hereby advised that PPC has received formal notification that PIC has disposed of an interest in the ordinary shares of the Company, such that the total of all beneficial interest in the ordinary shares of the Company held by PIC has been reduced from 9.52% to 4.93% of the total issued share capital of PPC,” reads the statement.
The State-owned fund manager in June reduced its shareholding from 25% to 19.9% and has continued to reduce its shareholding since then. In September the corporation reduced its shares from 13,98% to 9.52%.
The corporation has the mandate to invest in the rest of the African continent and beyond. Over and above generating financial returns for clients, through its impact-investing program, the PIC seeks to generate social returns by investing in projects that ensure inclusive growth.
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