South Africa recorded foreign direct investment inflows of R49.8-billion in the second quarter, up from R20.3-billion in the previous quarter, the central bank said on Tuesday.

The South African Reserve Bank said in its Quarterly Bulletin that the higher inflows were due to a local telecommunications company receiving debt funding from a non-resident parent company. It did not disclose which company because the transaction was not public.

Portfolio investments switched to an outflow of R9-billion rand in April to June, from an inflow of R9-billion rand in the previous three months.

Non-residents sold domestic equity securities amounting to R34.2-billion and acquired domestic debt securities amounting to R25.1-billion during the second quarter.

The acquisition of debt securities was partly offset by the redemption of a $1.25-billion international bond by national government, the central bank said.