#PICInquiry to hear why JSE shunned Sagarmatha listing
PRETORIA – Following Sekunjalo Group chairman, Dr Iqbal Survé’s explosive testimony at the PIC Commission of Inquiry into impropriety at the Public Investment Corporation (PIC) last week, the Johannesburg Stock Exchange (JSE) has now been summoned by the commission to explain its decision to stop the listing of Sagarmatha Technologies (Sagarmatha).
Former Reserve Bank Governor Gill Marcus said the JSE would be requested to appear before the commission to explain what had transpired when the deal fell through.
According to Survé, the JSE listing in Sagarmatha Technologies was scuppered by various players acting in bad faith.
Survé believed that various entities such as, the Companies Intellectual and Properties Commission (CIPC) for reasons, which he believes were deceitful and were in bad faith, were part of the reason why the deal fell through.
“The CIPC raised obstacles to the listing. This unseated foreign investors and the listing on the JSE was not pursued. Sagarmatha has applied to the South African Reserve Bank for authorisation for the listing to be done abroad,” he said.
Sagarmatha’s initial strategy was to raise between R3 billion and R7.5 billion through the JSE Listing as a pre-cursor to a much more substantial capital raise on a foreign exchange. The amount raised in South Africa would be one of many funding rounds required to execute Sagarmatha’s vision, said Survé.
BUSINESS REPORT ONLINE