South Africa's Public Investment Corporation to buy 7.4% in SacOil Holdings.

By bne IntelliNews February 23, 2011
South Africa's Public Investment Corporation is set to acquire a 7.4% stake in local minerals exploration and development group SacOil Holdings, the group said in a statement. A total of 46.7mn new SacOil shares will be listed on the Johannesburg Stock Exchange and issued to PIC on or about February 28. PIC is wholly-owned by the South African government and its clientele comprises public sector entities - most of which are pension, provident, social security, development and guardian funds. It is one of the largest investment managers in Africa and manages assets valued at over USD 126.5bn. SacOil is an oil and gas focused company with exploration assets in Africa. The company also manufactures manganese sulphate powder, manganese sulphate solution and manganese oxide at the Greenhills plant.

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