Rain planning to hit 2,000 base stations by end of 2017

Patrice Motsepe’s African Rainbow Capital Investments issued and investment update on Tuesday, 5 December, which includes an update on LTE-A group Rain.

African Rainbow Capital Investments (ARC Investments) listed in the Speciality Finance Sector on the main board of the Johannesburg Stock Exchange (JSE) in September.

ARC Investments is a capital raising and investment entity incorporated in Mauritius which will offer shareholders the opportunity to invest in a permanently broad-based black controlled investment entity holding a diversified portfolio of investments.

The group invested in 20% of fixed and mobile data network operator, Rain, in July. Former FNB CEO, Michael Jordaan is a director and shareholder of Rain.

ARC said in a statement on Tuesday that its Fund’s invested net asset value (excluding any revaluation since listing) has increased to approximately R6.6 billion, mainly due to a number of significant investments, including a subscription for additional shares in Rain for an amount of R 1.052 billion and, a commitment to the acquisition of a 24.8% interest in the Bluespec Group of companies at a cost of R509 million.

Bluespec is a player in the supply chain of the short-term insurance industry and its focus ranges from dealerships in exotic and luxury vehicles to motor body repair shops, tow-trucking and motor salvage.

“Rain, which comprises approximately 27% of the portfolio, has made very good progress over the past 3 months. The roll out of base stations (over 1,500), networks and fixed line connections are on target,” ARC said.

Previously the group said that it planned to reach 2,000 base stations by the end of the year, 5,000 by the end of 2018 and ultimately 10,000 in the coming years.

Mobile offering 

In November the company announced that it had launched the trial -phase of “Rain Mobile” in metropolitan areas.

Rain Mobile is predicted to take on traditional mobile networks with data-centric packages, and will run alongside the company’s existing fixed-LTE-A packages – which are offered through local ISPs.

The Alpha version of Rain Mobile is only available to Rain staff, who have been provided with a Rain App and SIM.

Once the Rain Alpha test has been successfully concluded, the trial will be extended to a select group of users outside the Rain business.

As part of Rain’s mobile plans, Outsurance CEO Willem Roos will take up the position of Rain Mobile CEO at the end of December 2017.


Read: Motsepe’s African Rainbow Capital invests in mobile network operator Rain

 

 

Latest news

Partner Content

Show comments

Follow us

Recommended