Cosatu wants PIC to save Edcon by asking landlords for rental holiday
Corporation can use its clout as big shareholder in property companies that own shopping malls
Trade union federation Cosatu wants the Public Investment Corporation (PIC) to pressure landlords to provide a rental holiday for Edcon in a bid to save the retailer.
The PIC put up R1.2bn in cash, using Unemployment Insurance Fund (UIF) funds, to save Edcon at the end of 2018, reportedly at the strong urging of Cosatu. The PIC is also a big shareholder in property companies that own shopping malls.