The PIC is not funding SAA

14 June 2021

PRETORIA – The Public Investment Corporation (PIC) has noted media reports and comments by some public figures insinuating that PIC funds will be used for the acquisition of a 51% stake in the South African Airways. The PIC is not involved in this acquisition, nor are the assets that it manages on behalf of clients.

However, the PIC owns 30% of Harith General Partners and some of the individuals involved in Takatso Consortium may previously have been associated with the PIC. Nonetheless, Harith General Partners and the Takatso Consortium did not involve the PIC in any way in this acquisition.

Whilst it is a fact that the PIC has shares in Harith General Partners, it must be stated that the PIC is not a member of Takatso Consortium, which we understand is a special vehicle established by Harith General Partners and Global Airways.

The PIC remains focused on delivering on its investment mandate on behalf of its clients.

Statement issued by the PIC, 15 June 2021