PIC to exit investment in Independent Media | Fin24

PIC to exit investment in Independent Media

Jul 04 2018 19:23

The Public Investment Corporation (PIC) has begun the process of withdrawing its investment in Independent News and Media, Finance Minister Nhlanhla Nene has said.

In response to a question in Parliament from DA MP David Maynier, Nene said the PIC was "working on an exit strategy in respect of its investment in Independent News and Media, South Africa (INMSA)".

"However, due to the sensitive nature of the information, the details of this strategy cannot be publicly disclosed," Nene said.

PIC's investment in Independent News and Media saw it holding a 25% stake in the media group.

The PIC invested over R1bn in Iqbal Surve's venture.

It said the media group was the "largest English language newspaper publisher in South Africa that owns some of the most respected and trusted media titles in the country".

Earlier on Wednesday, the PIC hit back at both the United Democratic Movement and the City Press Newspaper, saying allegations in media reports about its investment processes and the United Democratic Movement's (UDM) allegations of corruption were potentially causing "unnecessary panic". 

Independent News and Media was not immediately available for comment. 

PIC CEO Dan Matjila has publicly defended its investments that came under fire from critics. 

"I must upfront say it is a little bit unfair of media to single out these few transactions, we have a portfolio with more than 300 securities," he said.

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