Foreign investors could continue dumping billions of rand worth of South Africas assets on the market as uncertainty over the formation of the Government of National Unity (GNU) prevails, in spite of having remained bullish in the first quarter of 2024 before the elections.
Data from the SA Reserve Bank (SARB) yesterday showed that the country recorded foreign direct investment inflows of R24.4 billion in the first quarter of 2024.
According to the SARBs latest Quarterly Bulletin, this was significantly higher compared to a downwardly revised R2.5bn in the previous three-month period ending December 2023.
The inflow in the first quarter of 2024 largely reflected the acquisition of a domestic publicly listed vehicle tracking company by a foreign company, said the SARB.
In February, Midrand-based fleet management and vehicle-tracking company MiX Telematics completed a merger with US-based internet of things (IoT) specialist PowerFleet, after receiving approval from the Competition Commission.
