PIC acquires equity in ZAR X

PIC has made an equity investment in ZAR X for the Government Employees Pension Fund 

Public Investment Corporation (PIC), one of Africa’s largest investment managers, with assets under management in excess of R1.9 trillion, has made an equity investment in ZAR X on behalf of the Government Employees Pension Fund (GEPF).

Read our interview with ZAR X CFO Ebrahim Ally.
 
ZAR X CEO, Etienne Nel (pictured), said:

“ZAR X and the PIC share a common vision of promoting financial inclusion and stimulating developmental investment. Both organisations also emphasise innovation in order to enable broad financial access and inclusion and to introduce long-awaited competition to grow the capital markets. In addition, ZAR X is keenly focused on the reduction of systemic risk in the financial markets. Our partnership therefore encapsulates a shared operational ethos of rigorous governance processes, diligent risk analysis, and the application of intelligent compliance practices.”

Nel added that the joint venture will be to the advantage of all South Africans and will facilitate the development of new industries that will expand the economy while removing the social, cultural, and commercial barriers to investment capital for people and businesses alike.
 
Head of Corporate Affairs at PIC, Deon Botha, says the organisation is “very excited” about its association with ZAR X. Botha said:

“This transaction provides us with an opportunity to own a portion of the stock exchange while at the same time affording us an alternative platform from which to trade and on which to list. This will further assist us in our resolve to bring about meaningful change in and transformation of the domestic capital markets and overall financial services industry landscape. We believe that transformation of this industry is necessary if we are to realise our long term objective of achieving real and tangible inclusive growth.”