(Bloomberg) -- South Africa’s Public Investment Corp., the continent’s largest fund manager, will meet in November to consider options on how to help embattled state-run power utility deal with its debt, Sunday Times reported, citing PIC Chairman Reuel Khoza.
A strategy meeting would look at how the asset manager could “come to the rescue or assist” Eskom Holdings SOC Ltd., the newspaper cites Khoza saying. The PIC would make sure “ of pensioners doesn’t get frittered away” if it steps in to assist the debt-laden power utility, Khoza said.
Read More: South Africa’s PIC Would Need Assurances to Buy More Eskom Debt
The PIC, which manages about $150 billion and is responsible for the pensions of more than 1 million state workers, owns about 90 billion rand ($6.1 billion) of Eskom debt. The state-owned power utility is saddled with about 450 billion rand of debt.
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