(Bloomberg) -- The Public Investment Corp., the largest shareholder in Adcock Ingram Holdings Ltd., said it increased its stake to 22% in the hope that new management rather than a proposed change of ownership will increase the value of the South African drugmaker.

“We believe there is a lot of value to be unlocked through better management,” PIC Chief Investment Officer Daniel Matjila said by phone today. “That’s why we are buying the stock at these levels.” The PIC, a manager of South African civil- servant pension funds, held 19% of Adcock on Dec. 16.

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