See Chapter 27 of this great new book on the South African economy – co-authored with Nina Callaghan, State-Owned Enterprises in South Africa. In The Oxford Handbook on the South African Economy
Swilling, M. & Callaghan, N. 2022. State-Owned Enterprises in South Africa. In: Oqubay, A., Tregenna, F. & Valodia, I. (eds.) The Oxford Handbook of the South African Economy. Oxford: Oxford University Press. DOI: 10.1093/oxfordhb/9780192894199.001.0001
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