ANNOUNCED AS TEMPORARYNo
Bailout (capital injection or equity participation)
On 1 July 2015, the South African government sold its stake in Vodacom Group Ltd. for 25 billion rand (USD 1.9 billion), according to Bloomberg. The buyer was the state-owned pension manager Public Investment Corporation.
The funds from the sale represent a first tranche for the bailout of the Eskom by the South African government. Eskom, a power utility, is in need of 225 billion rand (USD 18 billion) in order to improve its power production capability, as the South African economy is suffering from blackouts.
The legal fundament for the bailout is the Eskom Special Appropriation Bill which was signed into Act 7 of 2015 by the President on 3 July 2015.
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