Public Investment Corporation’s stake in Investec gains more than $26 million in 22 days

The Public Investment Corporation(PIC) has seen the market value of its stake in Investec Group surge by more than $26 million in 22 days due to a significant rise in the shares of the Anglo-South African international banking and wealth management group on the Johannesburg stock exchange.

Research carried out by NewsOTG revealed that the Public Investment Corporation’s stake in Investec Group has increased by R 503.71 million ($26.35 million) since August 18 as investors on the local bourse continue to increase their stakes in the Sandton-based group.

Investec Group, a renowned Anglo-South African international banking and wealth management group founded in 1974, provides financial products and services in the UK, South Africa, and internationally, including wealth management, investment advisory services, and specialist banking products.

The Public Investment Corporation(PIC) which is wholly owned by the South African Government, with the Minister of Finance Enoch Godongwana as shareholder representative, owns a 13.4 percent beneficial stake in Investec group which translates to 93,107,609 ordinary shares in the group.

Since the past 22 days, Investec Group shares on the Johannesburg stock exchange have surged by 5.15 percent, climbing from R104.95 ($5.489) on August 18 to R110.36 ($5.772) at the time of writing, thus leading to gains amounting to millions of dollars for its shareholders, including the PIC represented by the Minister of Finance Enoch Godongwana.

As a result of the single-digit percent surge in the group’s share price, the market value of the stake held by the PIC has gained R 503.71 million ($26.35 million) in a span of 22 days climbing, from R9.77 billion ($511.08 million) on Aug. 18 to R10.28 billion ($537.43 million) at the time of writing.

With this recent surge in the market value of the stake held by the PIC, the Asset management firm maintains its status as the largest shareholder among the top ten shareholders accounting for 55.1% of the total shareholding in Investec plc with its stake in the group now exceeding the 500 million mark thanks to the sustained increase in the group’s shares.

Established in 1911 as the Public Debt Commissioners, the PIC was corporatised on 1 April 2005 in accordance with the Public Investment Corporation Act, 2004. The PIC ranks amongst the best and successful asset management firms in the world and is by far the largest in Africa.