Public Investment Fund (PIC), the South African quasi-public investment group formed back in 1911 which manages civil servant pension funds and also holds large stakes in several locally owned companies, today confirmed its intention to sell off a part of the stake it recently purchased in mobile phone operator Vodacom Group. Reuters notes that a few weeks ago the government of South Africa divested a 13.91% holding in Midrand-based Vodacom Group to PIC at a 10% discount on Vodacom’s current market price in order to raise much needed funds for power utility Eskom. However, PIC now says it intends to sell on 25 million Vodacom shares, or 1.70% of the group’s share capital, with Deutsche Bank acting as the sole bookrunner. Based on Vodacom’s closing share price, the value of the shares being sold is ZAR3.475 billion (USD279 million), approximately 10% more than the fund paid. ‘Subsequent to this transaction, PIC has agreed to a lock-up of 60 days on its remaining stake,’ PIC said.