(MENAFN) South Africa said it sold its entire stake in Vodafone Group's African unit for more than USD1.9 billion, raising funds for state-owned power utility Eskom Holdings, Gulf Times reported.
The 13.91 percent holding in Vodacom Group was sold to the state-run Public Investment Corp, Africa's largest money manager, at a 10 percent discount to the average price, the National Treasury said.
"The sale of the Vodacom stake was the most viable option for ensuring that government was able to swiftly realize the proceeds and inject equity into Eskom to bolster the utility," the Treasury said.
South Africa has worked out a USD1.88-billion bailout package for Eskom, which is building new plants to resolve the power shortage in the continent's most-industrialized nation.
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