Africa’s largest fund manager, the Public Investment Corporation (PIC), has upped its stake in South Africa’s biggest mobile network Vodacom.
On July 31, the PIC acquired its first tranche of shares in Johannesburg listed Vodacom worth 7.049%. The PIC then further increased its total interest in the telecommunications firm to 8.574%
And on Wednesday, Vodacom announced that the PIC has since acquired a further 6.812% in the ordinary shares of the mobile network. This means that the PIC’s stake in Vodacom is now at 15.386%.
The PIC’s increased stake in Vodacom marks its growing interest in telecommunications companies as it also as a 13% stake in MTN.
The South African government wholly owns the PIC with the Minister of Finance as a shareholder representative. The PIC was established in 1911 and manages assets of over R1.8 trillion.
Vodacom, meanwhile, has 30 million mobile subscribers in South Africa while it also has operations in other African markets such as Tanzania and Mozambique.