Lebashe Investment Group fully settles its R2.1billion loan provided by the PIC.
Lebashe Investment Group, a diversified unlisted holding company with interests in financial services, information technology and media, recently settled a R2,1 billion loan facility by the Public Investment Corporation (PIC) in full. The loan was originally advanced to the Group for the purchase of Capitec BEE shares in 2016.
Warren Wheatley, chief investment officer of Lebashe said, “Settling the PIC loan is a huge milestone for the group and a strong demonstration to our stakeholders of our ability to create value as an investment platform – delivering in excess of R960 million in interest and fees to the Government Employees Pension Fund, on whose behalf the PIC extended the loan.”
This follows an earlier loan settlement of R935 million in 2018 for the first tranche of Capitec BEE shares on the capital amount of R720 million advanced to Lebashe in 2015. From this transaction alone, the PIC earned interest R215 million on behalf of government employees and pensioners.
Lebashe has always maintained that its engagements with the PIC have been strictly on commercial terms and in line with appropriate governance protocols involving transactions of this nature.
This will provide a strong, sustainable platform for Lebashe’s continued growth and value creation for all our stakeholders.