lthough started in 1997, NIC
was taken to the Cape High Court for liquidation by the Public Investment Corporation (PIC
) in 2008 as a result of failure to service its debt.
In addition to the PIC
there were other creditors who were pursuing NIC
. The total liability of NIC
was in excess of R250Million, due to this burden NIC
was unable to invest in its growth.
Through balance sheet and business re-engineering, negotiations with creditors the business was rescued from liquidation by a new management team.
Emerging from a near liquidation position, NIC’s subsidiary, the 360 FSG started a growth trajectory from being only a funeral services provider to an integrated financial services group offering a variety of products and services.
360 FSG’s investments include a life insurance company, medical aid administrator, Information technology and now recently entered into the retirement fund industry.
In 2010 the Group established NUMSA Financial Services (www.numsafinancialservices.co.za) which is a life insurance, short term insurance and medical aid Brokerage Company that exclusively services NUMSA members.
NIC has diversified into the property, mining & industrial sectors. Our property division owns land in Port Elizabeth for the development of 1000 housing units. NIC own 10% in Tivani Mining & 30% shareholding in Mofaya Beverage Company.
NIC is 100% owned by the National Manufacturing Investment Trust (the Trust).
The Trust was established in 1997 by the National Executive Committee of the National Union of Metal Workers of South Africa (NUMSA) (www.numsa.org.za),
the objectives of the Trust was summarized into four quadrants as shown below, with NIC as a direct instrument in generating long term wealth and in some cases an implementing agent in other objectives
Purpose of the Trust