News24 Business reports that Patrick Dlamini, the former head of the Development Bank of Southern Africa (DBSA), has been named chief executive of the Public Investment Corporation (PIC).
Dlamini will now oversee the state-owned asset manager, which has almost R3 trillion in assets under management. The 55-year-old headed up the DBSA for just over a decade until March 2023. The appointment has been confirmed by Cabinet. Dlamini’s five-year term will start on the first of next month. He takes over from Abel Sithole, who has reached retirement age. PIC chair, Deputy Finance Minister David Masondo described Dlamini as a turnaround specialist, saying he was expected to bring his expertise to the challenges confronting the PIC, especially in its struggling unlisted portfolio, which has underperformed for years. Of the 53 active unlisted investments made by the PIC for the Unemployment Insurance Fund (UIF) and the Compensation Fund, 22 are now in the turnaround unit. Some of the worst-performing investments include hundreds of millions of rand in private education group Educor and chicken producer Daybreak.
- Read the full original of the report in the above regard by Jan Cronje at News24 Business (subscription or trial registration required)
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