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PIC gets nod to purchase stake in Distell

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Cape Town - The Competition Tribunal approved a transaction in which the Public Investment Corporation (PIC) will purchase a share of Distell, it announced on Wednesday.

"The conditions of the transaction are confidential and form part of conditions agreed to in the AB InBev merger," it said in a statement.

The Tribunal approved last year AB InBev’s R1.5trn acquisition of SABMiller, on condition that it dispose of its Distell shareholding.

The conditions required that AB InBev prefer bids from BEE bidders. "As there were no BEE bidders, Government Employees Pension Fund (GEPF) purchased the share and will now sell a portion to a BEE company."

The PIC stake comprises 26.4% of Distell’s issued share capital, according to a company announcement issued in last year.  

The PIC, which manages among others the assets of the GEPF, the Unemployment Insurance Fund and the Compensation Fund, had a total of R1.8trn assets under management in the 2015/16 financial year.

Distell is a producer, marketer and distributor of wines, spirits, ciders and ready to drink beverages, Wine and spirit products include Nederburg, Durbanville Hills, Two Oceans, Klipdrift, Richelieu and Bains.

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