PIC mum on detail of its Distell stake
There is no indication of when the deal will be finalised amid speculation the Public Investment Corporation paid a hefty premium on price
Almost two months since the Public Investment Corporation (PIC) emerged as the unlikely purchaser of Anheuser-Busch InBev’s (AB InBev’s) 26% stake in Distell, there is still no indication of when the deal will be finalised or what price the PIC paid to secure the stake. The PIC would not confirm or deny speculation that it paid the equivalent of about R180 a share, a hefty premium on the price of about R150. It represents a demanding price-to-earnings ratio of more than 23. The PIC did not respond to requests for comment and Dennis Matsane, a spokesman for Distell, said he was unable to comment on the matter, which is still subject to approval by the Competition Commission. "This is a matter between the shareholder and the Competition Commission and will follow normal governance and due process," he said. The pricing of the deal does not have to be disclosed until it is given the go-ahead by the competition authorities.
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