PIC raises its shareholding in Sibanye-Stillwater. File Photo: Reuters

CAPE TOWN – The Public Investment Corporation (PIC) has increased its shareholding in JSE-listed listed mining company Sibanye-Stillwater, the miner announced on Thursday.

In a statement on the Stock Exchange News Service (Sens) Sibanye said Africa’s largest asset manager has increased its shareholding from 9.397 percent to 10.031 percent of the total issued shares of the company.

“Sibanye-Stillwater has, as required by section 122(3)(a) of the Act filed the required notice with the Takeover Regulation Panel,” the miner said.

The PIC said in its annual report that it had lifted assets under management by R47.9 billion to R2.13 trillion in the 2018/2019 financial year. The asset manager said the growth was from an above-average portfolio performance underpinned by a sound investment strategy.

About 86 percent of the PIC’s assets are managed on behalf of the Government Employee Pension Fund, 7.8 percent is for the Unemployment Insurance Fund, while 1.97 percent is on behalf of the Compensation Commissioner Pension Fund.

Chairperson Reuel Khoza said the PIC had suffered reputational damage through the year due to conduct and governance breaches that had involved the flouting of investment processes and abuses of positions of privilege.

The asset manager has also been subject to a commission of inquiry chaired by Retired Justice Lex Mpati. 

This week President Cyril Ramaphosa extended the deadline of the submission of the final report of the commission of inquiry October 31 to December 15, at the request of Justice Mpati.

Meanwhile Sibanye said recently that it was expecting to sink in the red for the six months to June on the bruising strike at its South African gold operations which ended in April.

The company told shareholders it would swing to a R265 million loss in the first half of 2019, compared with an attributable profit of R77m for the six months ended June 30, 2018.

BUSINESS REPORT