CORRECTION, NOT CHAOS

The recession had impacted on the Mineworkers Investment Company’s portfolio, it said yesterday.

Releasing its 2008-9 annual review in Joburg, MIC chairman Kuben Pillay said there had been a cyclical correction, rather than a catastrophe.

“The abiding impression created by our portfolio is that of solid quality. The market has changed, but underlying quality remains.”

Pillay said each MIC asset had the potential for strong, sustained recovery once market sentiment improved.

The company – established by the Mineworkers Investment Trust (MIT) to create a sustainable asset base for the benefit of mine, energy and construction workers – had de-risked its portfolio before the market meltdown, Pillay said.

He said the capital had gone into low-risk investments to generate continued funding for the MIT’s educational development programmes.

CEO Paul Nkuna said the MIC had increased its holding in Primedia from 32 percent to 49 percent, “demonstrating strength at a time when many empowerment groupings were under pressure”.

It had also increased its interest in document management company Metrofile to 33 percent.

(www.thestar.co.za; 20091205)

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