DA wants clarity on PIC exit from Independent Media
Clarity is needed on the Public Investment Corporation’s (PIC’s) statement that it is working on a strategy to exit its billion-rand investment in Independent Media, and he will ask a question in Parliament about it if necessary, David Maynier, the DA’s finance spokesman, says. Last week, Dan Matjila, CEO of the PIC, told the standing committee on finance that work had begun on a strategy to exit the investment, adding that it was a market-sensitive issue. However, PIC officials subsequently said Matjila was referring only to loans due to be repaid in 2018 and 2020. Even the forced repayment of the R408m loan due in August 2018 could have crippling implications for Independent Media, given what the PIC has described as the group’s financial "underperformance". The PIC has not responded to requests from Business Day for clarity on the "exit strategy". Maynier said on Friday he understood Matjila to be talking about exiting the equity investment as well as the repayment of loans. "A ...
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