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Johannesburg - The investment wing of the ANC has sold its 25% stake in Hitachi Power Africa, which has controversially benefited from stated-funded contracts, the firm said on Friday.
The shares in the firm's African subsidiary were sold to Hitachi Power Europe for an undisclosed amount.
"All parties have agreed strict confidentiality about the terms and conditions of the contract," Hitachi Power Africa said in a statement announcing the deal.
Spokesperson Yash Bridgmohan said the agreement was concluded on 1 February.
The ANC's stake in the firm, through its investment arm Chancellor House, had over the past raised questions over a conflict of interest.
Opposition parties had demanded that the company stop doing business with government.
Hitachi Power Europe and Hitachi Power Africa were awarded a contract to install boilers for mega power plants Medupi and Kusile, which are still under construction.
The coal-fired stations are being built by Eskom, which buckled under power demands nearly five years ago, causing crippling blackouts.
Both the facilities have been marred by delays and Eskom said last year it expects their first of the six completed units to come on line in the second half of 2014.
Last year, the minister of public enterprises, Malusi Gigaba, criticised Hitachi for failing to providing quality boilers at the Medupi Limpopo power station, adding to delays.
ANC spokesperson Jackson Mthembu declined to comment about the deal.
