PIC concludes transaction to buy government’s stake in Vodacom
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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation