Africa’s largest asset manager exits Mustek with $3 million stake sale

Africa’s largest asset manager, the Public Investment Corporation (PIC), has completed its full exit from Mustek, one of the largest technology suppliers, assemblers, and distributors in South Africa, founded by Taiwanese-born businessman David Kan, who immigrated to South Africa in 1986. In a move announced on June 17, 2026, the PIC sold off $3.02 million worth of shares.

This move comes after a challenging operating environment in South Africa due to tough macroeconomic conditions and significant corporate shifts following the passing of its long-standing CEO and founder in 2022. Amid these leadership transitions also came severe supply shortages and component price spikes, driven by global chip manufacturers prioritizing high-margin AI servers in early 2026.

PIC offloads stake amid weak performance
Mustek’s unaudited interim results for the period ended Dec. 31, 2025, showed revenue declined by 2% to R3.5 billion from R3.6 billion, while gross profit margin fell by 12.6%. Earlier in June, Novus Holdings, one of Southern Africa’s largest commercial printing, publishing, and manufacturing groups, increased its stake in Mustek to 41.85% from 39.9% as of June 30, 2025, equivalent to about 22.97 million shares. 

The stake increase, alongside Mustek’s share recovery from a record low of R8.47 in 2024 to about R15 at the time of reporting, giving it a market capitalization of roughly R859 million ($53.14 million), appears to have supported the Public Investment Corporation’s decision to exit. The asset manager has now offloaded its 5.7% stake, equivalent to more than 3.25 million shares.

PIC adjusts strategy amid market strain
Founded in 1911, the Public Investment Corporation (PIC) manages South Africa’s government employees’ pension funds and ranks among Africa’s largest asset managers, overseeing more than R3 trillion (about $173 billion) in assets. Its latest move underscores the challenging environment facing South African companies, including Mustek, as rising costs, regulatory pressures, and sluggish economic growth weigh on performance.

The share sale signals a more cautious investment stance. For Mustek, the focus shifts to rebuilding investor confidence following the death of founder and longtime CEO David Kan. Current CEO Hein Engelbrecht, who was formally appointed on June 30, 2022, after serving in an acting capacity, now faces the task of steering the company through these headwinds. A long-time executive who joined Mustek in 1997, his leadership will be critical to restoring stability and improving market sentiment.