DA to question Manuel regarding PIC’s principles

2007-12-05 00:00

DA deputy finance spokesman Kobus Marais said yesterday he will ask Manuel whether this principle was adhered to in the PIC’s rejection of the 29% premium offered by Altron for Altech, in which the PIC holds 10,89% minority shares.

“Any moves from the PIC — from its decisions on which shares to invest in, when to buy and when to sell, and who it forces company executives to appoint as board members — should be based on ensuring this outcome,” Marais said.

“Unless there are obvious signs that able incumbents are being shunned for board appointments on the basis of their race and that this is affecting the profitability of the companies in which it holds shares, the PIC has no business to intervene.”

Marais said that if proof does not exist that Altron applies racial discrimination in making board appointments, the only reason that the PIC could have had to reject Altron’s offer for Altech minorities is that the 29% premium that it represented was insufficient to ensure a maximum return on the PIC’s investment.

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