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We take a look at the Stock Exchange News Service (SENS) released by Bidvest earlier today in which it stated that Singapore's GIC now owns 5% of their issued share capital. GIC is Singapore's sovereign wealth fund. They clearly see value in the stock of Bidvest
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SENS update released by Bidvest
DISCLOSURE OF SIGNIFICANT HOLDING OF BIDVEST ORDINARY SHARES
In compliance with Section 122(3)(b) of the Companies Act, 2008 (Act 71 of 2008), as amended (“Companies Act”) and paragraph 3.83(b) of the Listings Requirements of the JSE Limited, shareholders are advised of the following: GIC Private Limited notified the Company that accounts under its management have increased their holding in the Company, such that their total interest in the Company now amounts to 5.00% of the total issued shares of the Company.
As required in terms of section 122(3)(a) of the Companies Act, Bidvest has filed the required notice with the Takeover Regulation Panel.
Date: 7 January 2020
Johannesburg
Sponsor: Investec
In compliance with Section 122(3)(b) of the Companies Act, 2008 (Act 71 of 2008), as amended (“Companies Act”) and paragraph 3.83(b) of the Listings Requirements of the JSE Limited, shareholders are advised of the following: GIC Private Limited notified the Company that accounts under its management have increased their holding in the Company, such that their total interest in the Company now amounts to 5.00% of the total issued shares of the Company.
As required in terms of section 122(3)(a) of the Companies Act, Bidvest has filed the required notice with the Takeover Regulation Panel.
Date: 7 January 2020
Johannesburg
Sponsor: Investec
So who or what is GIC?
Established in 1981 to manage Singapore’s foreign reserves, GIC is a global long-term investor with well over US$100 billion in assets in over 40 countries worldwide. We work to secure Singapore’s financial future by investing across a range of asset classes in the public and private markets
Basically it is Singapore's sovereign wealth fund. The image below, obtained from Sharenet shows Bidvest's stock price for the day (7 January 2020) as well its return over various time periods.
Bidvest share price action for 7 January 2020
The summary below shows the returns provided to Bidvest shareholders over various time periods:
- 1 week: -1.25%
- 1 month: 5.27%
- 1 year: -0.95%
- 3 years: 17.85%
- 5 years: -31.46%