Africa\u2019s largest fund manager, the Public Investment Corporation (PIC), has upped its stake in South Africa\u2019s biggest mobile network Vodacom.<\/p>\n
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%<\/p>\n
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\u2019s stake in Vodacom is now at 15.386%.<\/p>\n
The PIC\u2019s increased stake in Vodacom marks its growing interest in telecommunications companies as it also as a 13% stake in MTN.<\/p>\n
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.<\/p>\n
Vodacom, meanwhile, has 30 million mobile subscribers in South Africa while it also has operations in other African markets such as Tanzania and Mozambique.<\/p>\n
PIC to sell off some of its stake in Vodacom<\/a><\/strong><\/p>\n Government close to Vodacom sale: report<\/a><\/strong><\/p>\n