PIC now biggest shareholder in ailing Texton Property Fund
SA's largest asset manager now owns nearly a fifth of an embattled real estate company after its stake grew jumped from 5.2% to 18.9%
The country’s biggest asset manager, the Public Investment Corporation (PIC), has become the largest shareholder in embattled Texton Property Fund, as it looks to turn around the struggling company.
Texton announced that the PIC had grown its stake from 5.2% to 18.9%, which Texton’s CEO, Marius Muller, said was a vote of confidence in the company’s new management. The increased holding follows the transfer of shares formerly held by empowerment group Texton Broad-Based Empowerment to the PIC, after it defaulted on its loan with the asset manager. “Hopefully this brings an end to market speculation regarding the PIC’s position as it relates to Texton. I see this as a vote of confidence for them in the future of the company and their willingness to work together to create value,” Muller said. He said his team was trying to restore shareholder confidence in Texton which had been eroded since the company was formed out of Vunani Property Investment Fund (VIPF) in 2013. The...