JOHANNESBURG, Sept 26 Reuters South Africa recorded foreign direct investment inflows of 16.6 billion rand 965.87 million in the second quarter of 2024, down from 24.4 billion rand in the first quarter, central bank data showed on Thursday.

The South African Reserve Bank said in its Quarterly Bulletin that the inflows were notably driven by a nonresident company increasing its equity investment in a domestic broadcasting company.

In the second quarter Canal, part of French media group Vivendi, made a firm cash offer of 125 rand per share for local broadcaster Multichoice and built up its stake in the business.

Portfolio investments recorded outflows of 20.1 billion rand in AprilJune, compared to outflows of 52.0 billion rand in the first three months of this year.

1 17.1866 rand

Reporting by Kopano Gumbi Editing by Alexander Winning

Source Reuters