Pic Reports Total Assets Grew By 3.6

An asset management firm wholly owned by government, the Public Investment Corporation PIC has reported that the total assets under its management grew by 3.6 percent or R95-billion to nearly R2.7-trillion.

Presenting its integrated annual report at a media briefing in Pretoria, the PIC declared a dividend payment of R141-million to the government as the shareholder.

The PIC says it is working to address the unqualified opinion with findings issued by the Auditor General wherein it raised concerns about instances of irregular, fruitless and wasteful expenditure.

CEO of the PIC Abel Sithole says, For now we only speak of what the assets were on March 31 which was R2.7 trillion. Of course, the Government of National Unity, the easing of interest rates, the stimulus in China, are contributing to the current advance and the growth of the assets to R2,3 trillion. So just to give you a highlight of where the clients are still currently sitting on R3 trillion being the GEPF, the UIF at R133 billion, the compensation fund at R54 billion, the Compensation Commission Pension Fund at R46 billion.