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.
Browsing: PIC
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.
While Nedbank CEO Mike Brown is optimistic, the government will have to make hard decisions, with the burden ultimately falling on the South African public to shoulder the bill.
A proposal by the biggest owner of Eskom’s debt to convert its R88-billion holding into equity has become a rescue option as South Africa seeks to restructure the troubled power utility.
Naspers’s biggest shareholder is considering whether to reduce its R245-billion stake in Africa’s biggest company because of concern it’s overexposed to a single stock, sources said.
MTN Group’s biggest shareholder is pushing for changes at Africa’s largest mobile phone company to avoid the regulatory, legal and political disputes that have cut its share price by more than half over the past four years.
The labour union whose members contribute most to the funds overseen by South Africa’s state pension manager wants the institution to stop investing in the debt of Eskom.
“Stretched”, “thumb-suck” and “manipulation” were among the words used at the judicial commission of inquiry into the Public Investment Corp to describe the informal pre-listing valuation carried out by Ayo Technology Solutions executives.
Ayo Technology Solutions is at least partly an illegitimate business and has fabricated financial statements, according to Ayo’s former chief investment officer.