PIC takes wait-and-see stance on stake in Steinhoff
The best time to have got out was before the December 6 announcement
Steinhoff's largest shareholder, the Public Investment Corporation (PIC), said on Friday it has no plans to reduce its exposure in the embattled retailer despite its continued woes, a strategy that is being questioned given the high risk attached to the asset. The PIC, which manages retirement funds on behalf of state employees, has an 8.5% exposure to Steinhoff. But Sekgoela Sekgoela, PIC spokesman, told Business Times on Friday that it would be imprudent to disclose "our investment strategy in relation to Steinhoff or any investee company for that matter". "However, it is necessary to state that Steinhoff is part of the index, which the PIC tracks in terms of its investment mandate, and any decision it takes will have to be in alignment with the mandate and consistent with its long-term outlook," Sekgoela said. He added that the PIC was monitoring developments at Steinhoff and was aware of its recently released interim report. "All we are prepared to say is that the PIC remains in...
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