The Public Investment Corporation SOC Limited (PIC) has increased its beneficial shareholding in Texton Property Fund, growing its stake in the South African REIT from 5,2% to 18.9%. The Public Investment Corporation has now become Texton’s largest shareholder.
Marius Muller, CEO of Texton comments:
“The PIC is a long-standing shareholder of Texton and we look forward to continuing to work closely with them and all shareholders on our journey towards positive performance.”
The Public Investment Corporation’s increased holding in Texton follows the transfers of shares formerly held by Texton Broad Based Empowerment (RF) Proprietary Limited to the Public Investment Corporation, after the empowerment entity defaulted on its loan with the Public Investment Corporation.
Texton’s accountability to shareholders is an imperative and Muller notes that in recent months, the company has made pleasing advances with several initiatives that place it on a better footing for the future:
“We know the road ahead isn’t going to be easy given the amount of work that needs to be done around entrenching both sound business practices and critical property basics within the company. We’re constantly challenging ourselves to find the best solutions to move Texton forward, and remain firmly committed to turning the ship around despite the economic environment being unsupportive and weak property fundamentals.”