Nick Wilson

Property Correspondent

TRANSNET yesterday clarified issues surrounding the sale of its investment in the popular Victoria & Alfred Waterfront, saying Transnet’s three pension funds would have first option to buy its interest.

Transnet owns a 26% interest in the V&A Holdings, while its three pension funds own the balance of the company.

Last week Public Enterprises Minister Alec Erwin said that Transnet would offload its investment in the "noncore" V&A Waterfront development along with various other disposals.

Erwin said the sale by three major state-owned enterprises — Transnet, Eskom and Denel — of substantial portfolios of noncore assets in the coming months would have strong black economic empowerment features.

Transnet group spokesman John Dludlu said yesterday that as a responsible shareholder the utility’s exit strategy would be orderly.

"It will be transparent and will be done in consultation with all our stakeholders. We are particularly mindful of the fact that Transnet’s three retirement funds have the right of first refusal to our shareholding in that entity," he said.

Dludlu said once consultations were over, Transnet would make a "comprehensive announcement".