The Public Investment Corporation (PIC) has upped its stake in MultiChoice to 15.1% on Friday morning.
The owner of DStv and GOtv informed investors that the PIC has acquired an additional interest in the ordinary shares of the company.
The PIC shares in MultiChoice now amounts to 15.1% of the company’s total ordinary shares in issue.
The PIC previously held a 12.25% stake in the company on behalf of pensioners.
“As required in terms of section 122(3)(a) of the Act, MultiChoice has filed the required notice with
the Takeover Regulation Panel,” MultIchoice said in a statement.
“The board of directors of MultiChoice accepts responsibility for the information contained in this announcement as it relates to the company and confirms that, to the best of its knowledge and belief, such information relating to the company is true and that this announcement does not omit anything likely to affect the importance of such information.”
Also read: GUGU LOURIE: Is shareholder activism dead at the PIC?
Should the hard-earned money of pensioners, teachers, police officers and other government employees remain locked in shares at MultiChoice?
Why should public pension funds, particularly those managed by the Government Employees Pension Fund (GEPF) through the Public Investment Corporation (PIC), be concerned about the ownership of MultiChoice?
After all, the main concern for such funds is earning dividends for their members.
With French media company Canal+ making hostile moves to buy controlling shares in MultiChoice, all eyes are on institutional shareholders, including the PIC, who are holding out for a better offer.
Do fund members care about the possible hostile takeover?
To find out, I turned to my pensioner father whose retirement funds are under the management of the GEPF via the PIC.
“Papa, are you content with seeing your pension funds invested in MultiChoice?” I asked. “What is MultiChoice?” my father responded with curiosity.
Also read: GUGU LOURIE: MultiChoice better off pursuing its strategy without Canal+
