{"id":10225,"date":"2012-04-24T16:29:31","date_gmt":"2012-04-24T14:29:31","guid":{"rendered":"http:\/\/www.myza.co.za\/04\/update-1-s-africas-idc-to-issue-green-bond-divest-shares\/"},"modified":"2012-04-24T16:29:31","modified_gmt":"2012-04-24T14:29:31","slug":"update-1-s-africas-idc-to-issue-green-bond-divest-shares","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-s-africas-idc-to-issue-green-bond-divest-shares\/","title":{"rendered":"UPDATE 1-S.Africa&#8217;s IDC to issue green bond, divest shares"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>(Recasts with bond issue)<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">CAPE TOWN, April 24<\/span> (Reuters) &#8211; South Africa&#8217;s Industrial<br \/>\nDevelopment Corporation (IDC), a state-owned financing<br \/>\ninstitution, will raise 5 billion rand ($636 million) to invest<br \/>\nin domestic green economy initiatives, economic development<br \/>\nminister Ebrahim Patel said on Tuesday.<\/p>\n<p><span><\/span><\/p>\n<p>Patel told parliament during his budget vote speech the IDC<br \/>\nwill issue a green bond that will be taken up by the Public<br \/>\nInvestment Corporation with a 14 year tenure &#8220;to raise the<br \/>\nresources to invest actively in the green economy&#8221;.<\/p>\n<p><span><\/span><\/p>\n<p>A green bond is exempt from tax and will usually fund an<br \/>\nunder-developed site.<\/p>\n<p><span><\/span><\/p>\n<p>The IDC also said it would over the next five years divest<br \/>\nsome shares from its holdings in listed and unlisted companies.<\/p>\n<p><span><\/span><\/p>\n<p>IDC did not say how much it plans to divest from its 80<br \/>\nbillion rand portfolio or release details on what shares are on<br \/>\nits chopping block. It will keep its strategic stakes in<br \/>\npetrochemical company Sasol and iron ore miner Kumba<br \/>\n.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The divestment from mature investments is very much part of<br \/>\nthe IDC&#8217;s business model,&#8221; Gert Gouws, the IDC&#8217;s chief financial<br \/>\nofficer separately told journalists.<\/p>\n<p><span><\/span><\/p>\n<p>The IDC, which invests in green energy industries, mining<br \/>\nand the manufacturing sectors of Africa&#8217;s largest economy, has a<br \/>\n13 percent stake in Kumba and just under 8 percent in Sasol.<\/p>\n<p><span><\/span><\/p>\n<p>Gouws said the value of the IDC&#8217;s shares in listed companies<br \/>\nwas in excess of 50 billion rand, while in unlisted companies it<br \/>\nwas &#8220;north&#8221; of 30 billion rand.\t<\/p>\n<p>($1 = 7.8637 South African rand)\t<\/p>\n<p> (Reporting by Wendell Roelf and Xola Potelwa; Editing by Jon<br \/>\nHerskovitz)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Recasts with bond issue) CAPE TOWN, April 24 (Reuters) &#8211; South Africa&#8217;s Industrial Development Corporation (IDC), a state-owned financing institution, will raise 5 billion rand ($636 million) to invest in domestic green economy initiatives, economic development minister Ebrahim Patel said on Tuesday. Patel told parliament during his budget vote speech the IDC will issue a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-10225","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=10225"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10225\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}