PIC ‘working on exit stategy’ for R1.3bn Independent Media investment

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The Public Investment Corporation (PIC) has started the process of withdrawing its investment in Independent Media.

This is according to finance minister Nhlanhla Nene‚ who was responding to a written question from DA MP Alf Lees on Wednesday.

"In line with the terms and conditions of the transaction‚ the Public Investment Corporation (PIC) is working on an exit strategy in respect of its investment in Independent Media‚” said Nene.

"However‚ due to the sensitive nature of the information‚ the details of this strategy cannot be publicly disclosed‚" he added.

After the matter was shrouded in secrecy‚ it emerged in October 2016 that the PIC‚ the country's biggest asset management firm that controls the pension savings of government employees‚ had invested nearly R1.3-billion in the Independent Media Group.

The group‚ which has been financially underperforming for several years now‚ is headed by controversial businessman Iqbal Survé.

The deal saw the PIC holding a 25% stake in the group‚ which produces newspapers such as The Star‚ Pretoria News‚ Cape Times and Durban's Daily News.