PIC increases stake in Mr Price

The Public Investment Corporation has increased its shareholding in Mr Price [JSE:MRP], the retailer said on Tuesday. 

The state asset manager manages over R2 trillion in assets. Its biggest client is the Government Employees Pension Fund.

Mr Price, which started the day at R119, ended the day 5.14% stronger at R123.98. Stocks across the board were doing better as fears on coronavirus are starting to abate, Fin24 previously reported.

The PIC's shareholding now stands at just over 15%. 

"The Company has received formal notification that Public Investment Corporation SOC Ltd has increased its holding in the Company such that Public Investment Corporation SOC Ltd now holds 15.080% of the issued ordinary shares in the Company," the notice read.

By comparison JPMorgan Chase & Co held 9.42% of ordinary shares as at 27 December, 2019.

The retailer recently reported sales growth of 3.9% in the third quarter of 2019. Mr Price saw the strongest growth in its women's fashion department, Miladys. Mr Price Apparel, the group's largest division and Mr Price Home, also reported growth.

Compiled by Lameez Omarjee