Pretoria, South Africa –– 01 September 2011 August 2011
The Honourable Minister of Trade and Industry (dti), Minister Rob Davies, has granted BEE Facilitators status to the Isibaya Fund and PIC Real Estate Managers (PIC REAM), both divisions of The Public Investment Corporation (PIC). The status has been granted, pursuant to paragraph(s) 3.4.3 of Statement 100 of the Broad-Based Black Economic Empowerment (BBBEE) Codes of Good Practice.

PIC fully embraces the aims and objectives of the BBBEE Act, including the BBBEE Codes. It recognises that as the largest investment manager in the country it has a responsibility to translate these aims and objectives into tangible outcomes. In support of the objective to ensure empowerment, transformation and economic growth, the PIC is in the process of drafting a Transformation Strategy with annual milestones, as well as a monitoring and evaluation framework, with respect to its investment companies.

This recognition will further enhance and underpin the new Developmental Investment Policy unveiled by the GEPF on 8 April 2011, which identifies four key pillars of investment by the PIC. It is instructive to note that this status makes it possible for the PIC to venture into many developmental areas of the economy and also ensures a proper classification of the assets under management, which were previously inappropriately considered. This had the direct consequence of undermining returns enjoyed by these funds.

The BEE Facilitator status will, among other things, enable the Isibaya Fund, to actively support transactions which espouse the principles of BBBEE as well as socio-economic upliftment in the country and furthermore also enable PIC REAM to enhance the SME/BBBEE’s ability to invest in commercial properties as well as increase opportunities for BEE property practitioners such as Fund Managers.

A Government Gazette Notice was published on 1 August 2011.

PIC was established in terms of the Public Investment Corporation Act and classified as a Public Entity in terms of the Public Finance Management Act of 1999. PIC is an asset manager which manages funds on behalf of mainly public sector institutions. The total assets under management at 31 March 2011 was over R1 trillion. One of its main clients is the GEPF, which accounts for 90% of the total assets under management.

Contact:
Nomzamo Petje
nomzamo.petje@pic.gov.za
+27 12 742 3412
Communications Manager
Public Investment Corporation

Get commercial property news by email

Free alerts when we publish — pick a focus or get everything, unsubscribe in one click. Subscribe »