South Africa recorded R557.9-billion of foreign direct investment (FDI) inflows in the third quarter of this year versus inflows of R17.4-billion in the second quarter, central bank data showed on Wednesday.
The central bank said its December Quarterly Bulletin that the large inflows were due to technology investor Prosus buying about 45% of its South African parent Naspers.
Portfolio investments, reflecting a record of buying and selling of securities such as bonds and shares, saw outflows of R370.9-billion in July-September compared to outflows of R100-million in the prior quarter."
"Substantial net sales of equities of R362-billion in the third quarter of 2021 can, among others, be attributed to non-resident investors exchanging shares held in Naspers for Prosus shares," the central bank said.