The Public Investment Corporation has increased its stake in Vodacom, according to a report by Fin24.
The PIC acquired its first batch of shares in JSE-listed Vodacom on 31 July – 7.049%. It then increased its total interest in the company to 8.574%.
On 2 December, Vodacom announced that the PIC has since purchased another 6.812% in ordinary shares – taking its stake to 15.386%.
“The PIC’s increased stake in Vodacom marks its growing interest in telecommunications companies as it also has a 13% stake in MTN,” stated Fin24.
The South African government owns the PIC, with the Minister of Finance as a shareholder representative.