When the Public Investment Corporation (PIC) decided to bite the bullet and invest in Independent Media, the idea was to create a black-owned equivalent of Naspers, Daniel Matjila told a parliamentary briefing, according to New24 Online.
Said Matjila: “Naspers is the biggest company on the JSE. It used to be known as a company that burnt cash. It’s only fair to give blacks a chance to create a Naspers. The strategy is working now and the numbers look good. But we need to have some patience with the investment.”
Matjila revealed this when he was asked to explain about PIC’s investment mandate and investment rationale. PIC, which is the custodian of the Government Employees Pension Fund (GEPF), has interests in both unlisted and listed business entities. Its shareholding in Independent Media is unlisted.
