Reuel Khoza. Picture: SUNDAY TIMES/JAMES OATWAY
Reuel Khoza. Picture: SUNDAY TIMES/JAMES OATWAY

State asset manager the Public Investment Corporation (PIC) has submitted a proposal to the government on converting bonds it holds in struggling Eskom into equity, PIC chair Reuel Khoza has said.

Khoza said the PIC had discussed the proposal with its main client, the Government Employees Pension Fund, and that the two were “in principle in agreement”.

Khoza gave R90bn as a ballpark figure for the PIC’s holdings of Eskom bonds, out of Eskom’s total debt of around R450bn. 

Eskom’s debt is one of the main reasons why it is mired in a financial crisis.

Reuters