South Africa’s PIC to Mull Options to Ease Eskom Debt: Times
South Africa’s PIC to Mull Options to Ease Eskom Debt: Times
(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 “value 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.
To contact the reporter on this story: Felix Njini in Johannesburg at fnjini@bloomberg.net
To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Stanley James, Anto Antony
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