CAPE TOWN: The National Union of Mineworker’s (NUM’s) investment company has grown its net assets to more than R4bn first 4months of 2015 indicating how well it has thrived in spite of a slowdown in the economy over the past few years.
The NUM provided the seed capital for the formation of the Mineworkers Investment Company (MIC) 20 years ago, and it offers an example of a successful business wing operates in relative isolation from the rest of the union which, has not fared nearly as well.
According to NUM secretary-general Frans Baleni’s secretariat report circulated at its congress on Wednesday, the MIC — with a net asset value of about R4.1bn — invests in media, financial services, industrial technology, gaming, leisure and rail. Mr Baleni said the MIC had increased its shareholding in the First Rand Empowerment Trust to 10.5% and had made new acquisitions, including ones in Puregas, Much Asphalt and Multiknit.
The link between the company and the union is through the Mineworkers Investment Trust, which was established in 1995. The trust gave MIC R3m from union funds to invest and it has now grown into a multibillion rand investment entity.
