South Africa's PIC to sell part of Vodacom stake
South Africa’s Public Investment Fund (PIC) is to sell a part of its recently acquired stake in Vodacom.
The announcement comes just two weeks after it acquired a 13.91% stake in Vodacom from the South African government.
“The investment in Vodacom is important, given that Vodacom is one of the key players in the South African information and communications technology industry,” said the company of its acquisition earlier in July 2015. “It will further assist the PIC with portfolio diversification as well as risk mitigation and is in line with the PIC’s investment mandate and objectives.”
PIC said it plans to sell 25 million Vodacom shares, representing approximately 1.7% of the company’s share capital.
“Subsequent to this transaction, PIC has agreed to a lock-up of 60 days on its remaining stake,” said the company.