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MIC SELLS PART OF STAKE

08 Aug General

The Mineworkers’ Investment Company (MIC), investment arm of the National Union of Mineworkers, has sold 3.29% of its 21% stake in HOSKEN CONSOLIDATED INVESTMENTS (HCI), representing over 12.8m ordinary HCI shares sold at R3.50 a share. Announced yesterday after a failed attempt by MIC in March to exit from HIC due to a drop in its share price. MIC invested in both telecommunications and media stocks, recently out of favour while, HIC holds 5% of cellphone operator, VODACOM representing over 70% of HIC’s net asset value. It is also a controlling shareholder in MIDI TELEVISION – the holding company of e.tv – and METTLE, a financial services company. MIC’s withdrawal from HIC due to a difference of opinion between the management of the two black companies. CE of MIC Clifford Elk, says MIC wants to sell the entire stake at R4 a share, a complicated transaction which needs a lot of cash, and acquire an equity stake in petroleum group, BP.

Source: Business Report