PIC puts risky state-owned enterprises on notice
The Public Investment Corporation has put Eskom on terms to install a new board by the end of November
The Public Investment Corporation (PIC) has put Eskom on terms to install a new board by the end of November and is reviewing the basis on which it invests in all state-owned enterprises, says CE Dan Matjila. Eskom, which has debt of R360bn, is acknowledged by the Treasury, ratings agencies and banks alike to be a systemic risk to the economy. Two international banks have called in their loans since June and domestic lenders have warned they will do the same if a new board is not appointed by November 30. The main client of the PIC, the Government Employees Pension Fund (GEPF), holds R84bn in Eskom bonds and R1.5bn in short-term bills. Included in the first amount is a R20bn private placement by Eskom done in 2016 as part of a debt restructuring. If you are already a subscriber, please click on the following link below to go to the full article: PIC to rethink stakes in state-owned enterprises If you would like to subscribe to BusinessLIVE Premium to read the full story, please cli...
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