S. Africa’s Public Investment Corp Buys 25% Stake in ZAR X

Equity injection to bolster new stock exchange ZAR X’s balance sheet and listings pipeline and bolster its black economic empowerment credentials, Johannesburg-based Business Day reports, citing ZAR X CEO Etienne Nel.

* Purchase price wasn’t disclosed;
* ZAR X now has a 36% black shareholding;
* Exchange is in discussions with PIC about listing some of its private-equity assets;
* NOTE: ZAR X was first of four new stock exchanges to be launched in South Africa over past 12 months. Source: Bloomberg