South Africa recorded foreign direct investment inflows of 67 billion rand ($3.75 billion) in the fourth quarter of 2022 compared to inflows of 11.9 billion in the third quarter, central bank data showed on Friday.
The South African Reserve Bank (SARB) said in its Quarterly Bulletin the rise in investments was as a result of a non-resident parent company in the commerce sector increasing its equity investment in a domestic subsidiary.
The central bank added that a domestic company in the telecommunications sector also issued shares to its parent company to finance the acquisition of a foreign company.
South African telecoms operator Vodacom in December completed the acquisition of a 55% stake in the Egyptian arm of parent company Vodafone.
Portfolio investments showed outflows slowed to 26.1 billion rand in the fourth quarter of 2022, compared to outflows of 32.0 billion in the previous quarter.
($1 = 17.8473 rand) (Reporting by Kopano Gumbi and Nellie Peyton; Editing by Olivia Kumwenda-Mtambo)
