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AfricaMoney | July 25, 2017

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South African fund to list $149 mn shares on Stock Exchange of Mauritius

South African fund to list $149 mn shares on Stock Exchange of Mauritius

Public Investment Corporation Limited, a South African public entity, will buy 6.38 million shares in Bayport Management Ltd for $149 million and these shares will be listed on June 17th , further consolidatingthe position of Mauritius as a platform of Africa-bound investments.(Image:leeca.ca) 

The Public Investment Corporation Limited (PIC), a state owned company incorporated in the Republic of South Africa, has agreed to invest USD 149,000,000 in Bayport Management Ltd.

PIC will buy about 6.38 million shares in Bayport Management Ltd for $149 million amount, the equivalent of Rs 5.2 billion, and these shares will be listed on June 17th according to the document released by the Stock Exchange of Mauritius.

PIC is a public asset management firm wholly owned by the South African government, with the Minister of Finance as the sole shareholder representative of the government and PIC’s clients are mostly public sector entities including the Government Employees Pension Fund.

In addition to their assets under management, which exceed ZAR 1.8 trillion, the PIC has a stated aim of expanding its investment base into developing markets, especially those in Africa. Added to this is the LR 18.33 11 fact that over 50% of the borrowers of the Group’s South Africa subsidiary are government employees and are thus ultimately members of the PIC.

This injection of capital comes to consolidate the position of Mauritius as a platform of investment towards Africa where currently African entities which invest in Mauritian companies to reach growing markets in the continent. For example, Mauritius financial center already accommodates MTN International (Mauritius Ltd), the first mobile company of the African continent.

The partnership will therefore allow the entity realising it’s the mandate of investing in the rest of the African continent and the other emerging markets and today the stock exchange of Mauritius already consist South African companies with International Delta, which is the African arm of Delta Property, the financial group Sanlam and Atlantic Leaf.

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