South Africa’s Public Investment Corporation (PIC), which manages investments on behalf of the Government Employees Pension Fund (GEPF), has acquired a further interest of 6.812% in domestic telecoms provider Vodacom Group, thus increasing its total shareholding in the company to 15.386%.
As previously reported by TeleGeography’s CommsUpdate, the South African government sold its 13.910% stake in the Johannesburg-based operator to PIC in July 2015, in order to help fund a ZAR23 billion (USD1.89 billion) allocation to struggling domestic electricity supplier Eskom. The first tranche of the newly purchased shares – which increased PIC’s holding in Vodacom to 8.574% (up from 1.525%) – was acquired on 31 July. TeleGeography notes that Vodacom Group, which is listed on the Johannesburg Stock Exchange (JSE), is majority owned by UK-based mobile giant Vodafone Group (65.00%).