PIC converts Eduloan debt into 40% equity stake
Image Credit: Solusi University
The Public Investment Corporation, on behalf of South Africa’s Government Employees Pension Fund, has acquired a 40% stake in Eduloan by converting a $9.1 million* loan to equity. In addition, the PIC is making a $1.28 million* 5-year loan to Eduloan, while the Unemployment Insurance fund and the Compensation Commission are advancing the lender $4.8 million* each. As part of the deal, the PIC takes up two seats on the student loan provider’s board.
Read more at BusinessDay…
*Exchange rates are calculated at ZAR 1: USD 0.080
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