The offer was presented to portfolio management committee, despite reservations about the merits of the investment being voiced
Despite reservations by professionals tasked with evaluating Iqbal Survé’s Sagarmatha Technologies, former Public Investment Corporation CEO Dan Matjila made sure a proposed initial public offering was presented to the investment committee for approval.
But Molebatsi, like his colleague Victor Seanie before him, testified that they were wary of the merits of the investment, and were not sure it should have been presented to the committee. “We outlined that part of the capital raised from the IPO would be used by Sagarmatha to buy PIC’s shares in, and loan claims against, Independent Media,” stated Molebatsi, and referred to a sale agreement that was disclosed in Sagarmatha’s draft pre-listing statement.
They did this, recommending that the PIC pay no more than R7.06 per share for Sagarmatha. Despite this valuation being approved by the committee, it became clear to Molebatsi that Survé’s Sekunjalo group “had continued negotiations on the transaction with ‘Dr Dan’”.
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