PIC set to increase stake in Neal Froneman's Sibanye-Stillwater

(iStock)
(iStock)

The Public Investment Corporation (PIC), which manages the pensions of government employees, wants to increase its shareholding in Sibanye-Stillwater from 10% to 15%, in what would make it a key investor in the leading PGM producer.

In a note to shareholders on Monday, Sibanye said it had received a formal notification from the corporation for the offer. The PIC has since 2017 been increasing its stake in the diversified mining group from 8.8% to the current level.

The corporation, which invests on behalf on government employees' pension funds, has interests in a wide range of listed and non-listed entities and manages assets over R2 trillion. 

Some other investors in Sibanye include Investec Asset Management, the Vanguard Group and  BlackRock, according to information provide by the company. Sibanye-Stillwater has positioned itself as a leading PGM producer in the world through a series of acquisitions over the past few years, including the take over of Lonmin and US firm Stillwater in 2017.

Sibanye shares gained nearly 10% in Monday trade, climbing to R51.40.

*Compiled by Sibongile Khumalo

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
ZAR/USD
15.22
(-0.06)
ZAR/GBP
20.67
(-0.12)
ZAR/EUR
18.39
(-0.03)
ZAR/AUD
11.65
(-0.49)
ZAR/JPY
0.15
(-0.05)
Gold
1827.50
(+0.01)
Silver
24.75
(+0.10)
Platinum
1070.99
(+0.29)
Brent Crude
54.89
(-2.34)
Palladium
2377.00
(+0.59)
All Share
63549.75
(-0.52)
Top 40
58446.35
(-0.49)
Financial 15
11916.89
(+0.01)
Industrial 25
83811.01
(+0.08)
Resource 10
63855.25
(-1.46)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 651 votes
No, I did not.
51% - 1615 votes
My landlord refused
28% - 874 votes
Vote