PIC to sell its stake in Vodacom

The Public Investment Corporation plans to sell a part of its stake in Vodacom, which it recently acquired from the government. This is according to a report by CNBC Africa.

The government sold its 13.91% holding in Vodacom to the PIC at a 10% discount to raise funds for power utility Eskom.

The PIC said it planned to sell 25 million Vodacom shares, about 1.7% of the company’s share capital, with Deutsche Bank AG as the sole bookrunner.

“Subsequent to this transaction, PIC has agreed to a lock-up of 60 days on its remaining stake,” the report stated.

“At R139, 25 million Vodacom shares would be worth R3.475 billion.”

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PIC to sell its stake in Vodacom