South Africa’s Public Investment Corporation (PIC) said it’s decided against selling its shares in Royal Bafokeng Platinum, the miner at the center of an increasingly heated takeover battle.

The PIC, Africa’s biggest fund manager, owns almost 9.9% of RBPlat, according to data compiled by Bloomberg. Those shares could help either Impala Platinum Holdings or rival Northam Platinum Holdings get closer to gaining control of RBPlat. The PIC, which oversees more than R2.5-trillion of mainly government workers pensions, is also a key investor in Impala and Northam.

“Th PIC, after considering both financial returns for its clients and societal impact of the proposed transaction involving RBPlat, has decided to hold on to its position in RBPlat,” a spokesman said in emailed response to questions. “The PIC has communicated this decision to both Impala Platinum and Northam Platinum.”

Impala CEO Nico Muller in June asked the PIC to make a decision on RBPlat, saying delays in selling its stake were stoking investors concerns. For the past 12 months, Impala has been battling with Northam to gain control of RBPlat’s assets, which are key to prolonging the life of its own adjacent Rustenburg operations.

“As the biggest shareholder in all three companies and the broader South African economy, the final outcome of our offer and future platinum-group mining dispensation in the Rustenburg area is firmly in the hands of the PIC,” Impala spokesman Johan Theron said via text message. “They fully understand this responsibility and undoubtedly will advance the best interest of all these stakeholders in their decision making process.”

Impala has built a 40.7% stake in RBPlat, while Northam owns just under 35% of the miner, after buying out its biggest shareholder. Northam last week announced a competing bid for RBPlat, offering a R172.70 a share in cash and stock to investors. That’s 15% above Impala’s earlier offer.

Northam didn’t immediately respond to an email seeking comment.