Vodacom is hoping South Africa’s Public Investment Corporation (PIC)’s plan to sell around 2.6 per cent of its holdings in the operator will lead to an increase in black ownership.

Bloomberg reported last week that PIC was again negotiating the sale of stock in the company, worth around SAR6 billion ($446 million), and is in talks with a number of black investors.

The development follows the collapse of a similar deal in May, involving the sale of PIC’s entire 15 per cent holding in Vodacom.

Vodacom spokesperson Byron Kennedy told local publication ITWeb the shares held by the group was a PIC matter, and does not require Vodacom’s involvement or approval. However “should the PIC elect to sell Vodacom shares, it would be beneficial if such shares were sold to black investors”.

“As a company with roots in SA, we are committed to delivering on the ideals of black economic empowerment and continue to explore a variety of options with the primary object of broad-based inclusivity”.

The PIC acquired the government’s 13.91 per cent interest in Vodacom last year, boosting its ownership in the company to more than 15 per cent.

An increase in black shareholding would have also enabled Vodacom to participate in a spectrum auction planned for next year, which required a minimum 30 per cent black ownership from companies looking to be involved.

The rule was part of the country’s push to improve black ownership of industries.

However, the entire auction is now in limbo, after the process was derailed following opposition from the country’s independent communications authority.

Vodacom is currently 19 per cent owned by black investors, compared with 39 per cent for rival MTN.