SOUTH AFRICA - The assets managed by South Africa's state pension fund manager leaped 24% in the fiscal year through March as share prices soared, Finance Minister Pravin Gordhan said.
The Public Investment Corp.'s assets increased to more than ZAR900bn (US$120bn), Gordhan told parliament in Cape Town today.
The company, which manages almost 90% of the assets of the Government Employees Pension Fund, invested in government infrastructure and development, both through government bonds and direct investment in other state-owned enterprises, including Eskom Holdings Ltd. and Transnet Ltd.
The 165-member FTSE/JSE Africa All Share Index rose 41 percent in the fiscal year through March. This year the PIC will invest some of its funds in a 400-bed provincial hospital and a regional magistrate's court that will be linked to a transport hub for taxis, buses, rail and cars, Gordhan said.
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