PIC reduces Capitec stake


The Public Investment Corporation, which manages assets of over R1.6 trillion, has decided to reduce its stake in Capitec via a bookbuild.

The asset manager holds 5.2 million Capitec shares through the Isibaya Fund.

The bank says the purchaser of the shares complies with the definition of black as defined in the BBBEE Act but would not be drawn on who has bought the shares. Capitec referred CNBC Africa to the PIC for further details. The PIC is yet to respond to our query.