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PIC concludes transaction to buy government’s stake in Vodacom

PIC concludes transaction to buy government’s stake in Vodacom

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2nd December 2015

By: African News Agency

  

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The Public Investment Corporation (PIC) has finalised its deal to buy the South African government’s 13.9% equity stake in Vodacom, the investment managers said in a statement on Wednesday.

“This is a culmination of the process that began in the first quarter of 2015, which saw the first tranche of the transaction being concluded in July 2015,” the corporation, which manages government pension funds, said.

“This transaction is of significance in allowing the Government of South Africa, as part of selling its non-core assets, to use the proceeds towards priority investments such as energy. In particular, it assists the PIC with portfolio diversification which is in line with the PIC’s investment mandate and objectives.”

Government sold its stake in Vodacom to help fund a R23-billion allocation to Eskom, South Africa’s troubled State-owned electricity provider.

The PIC said it believed its clients would benefit from the transaction as Vodacom was a “well-managed blue chip South African company”.

“The PIC continues to see telecommunications as one of the key drivers for both social and economic development. We are pleased that the acquisition of the remaining shares in Vodacom has been finalised with great efficiency from the Department of Telecommunications and Postal Services together with National Treasury,” said PIC CEO Daniel Matjila.

Edited by African News Agency

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