The Public Investment Corporation (PIC), one of Africa’s largest asset managers, has bought a 25% stake in ZAR X for an undisclosed amount.

The equity injection will bolster ZAR X’s balance sheet and listings pipeline and enable it to better drive financial inclusion, CEO Etienne Nel said on Thursday.

“We were looking to bolster our black economic empowerment BEE credentials and went through an extensive process last year, talking to various strategic BEE partners. The additional benefits that the PIC brought to the table won the day,” he said.

ZAR X now has a 36% black shareholding.

ZAR X was the first of four new stock exchanges to be launched in South Africa over the past 12 months, in what is the first challenge in decades to the JSE’s dominance.

Three major agribusinesses, Senwes, Senwesbel and TWK Investments, were the first companies to buy stakes in ZAR X. –Business Day