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Surve’s suggested valuation for Sagarmatha shot down by PIC | Business | M&G

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The PIC invested close to R2-billion in the Independent Media Group but it did not invest in Sagarmatha Technologies, according to the state asset manager’s former CEO, Dan Matjila.

Matjila’s testimony on Wednesday to the commission probing alleged impropriety at Africa’s largest asset manager, focused on the PIC’s transactions with companies in the Sekunjalo Group , which have come under the spotlight in recent years.

Matjila says there were various proposals regarding the listing price of Sagarmatha, including from Survé who suggested issuing a R1 strike option to the PIC in order to bring down the average entry share price closer to the R7,06 per share, as per the valuation by the PIC’s investment team. The former chief executive told the commission that contrary to media reports, his close personal relationship with businessman Iqbal Survé did not influence the PIC’s transactions with Sekunjalo.

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