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Eskom seeks Competition Commission's nod to finally sell its finance company


Published on 2024-12-08 01:00:46 - businesslive.co.za
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  • With Eskom having found a buyer for its R9bn finance company,
  • a key condition of a R254bn debt relief package from Treasury,
  • it must now clear the hurdle of obtaining approval from Competition Commission for the sale.

Eskom, South Africa's state-owned power utility, is seeking approval from the Competition Commission to sell its finance company, Eskom Finance Company (EFC), as part of its ongoing restructuring efforts. The sale is aimed at reducing Eskom's debt and improving its financial health. The EFC provides financial services, including treasury and investment management, to Eskom and its subsidiaries. The move to divest this asset is part of a broader strategy to unbundle Eskom into separate generation, transmission, and distribution entities, thereby enhancing operational efficiency and attracting private investment. The sale process has been in discussion for some time, with potential buyers already showing interest, but the transaction requires regulatory approval to proceed.

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[ https://www.businesslive.co.za/bt/business-and-economy/2024-12-08-eskom-seeks-competition-commissions-nod-to-finally-sell-its-finance-company/ ]