First National Bank has terminated the banking facilities it provides to Iqbal Survé’s Ayo Technology Solutions, Ayo said in a statement to shareholders after markets closed in Johannesburg on Thursday.
The Public Investment Corp is willing to help Eskom resolve its debt crisis, finance minister Tito Mboweni said at the Bloomberg Capital Markets Focus virtual event.
The Zimbabwean businessman is seeking buyers for 20% to 34% of Liquid Telecommunications Holdings for as much as R10-billion, though Covid-19 is frustrating those efforts, sources say.
The government told asset managers and banks it needs R1.5-trillion of infrastructure investment over the next decade, the country’s biggest specialist fixed-income fund said.
The Public Investment Corp has submitted a proposal to government on converting bonds it holds in struggling state utility Eskom into equity, PIC chairman Reuel Khoza said in an interview.
Labour and business are pushing the government to find a way to utilise an unemployment fund with assets of about R180-billion to fight the effects of the coronavirus outbreak.
The PIC has dismissed the executive head of listed investments Fidelis Madavo for gross misconduct in the controversial R4.3-billion deal involving Ayo Technology Solutions.
The bold proposal by Cosatu to relieve Eskom of close to 60% of its debt using pension money may be presented by President Cyril Ramaphosa in next week’s state of the nation address.
The PIC has been thrown into further turmoil after firing an assistant portfolio manager who warned that the organisation moved too quickly when investing in a little-known technology company.
The Public Investment Corporation is poised to take a stake in Liquid Telecom if Africa’s biggest fibre company goes ahead with a planned initial public offering, according to sources.