Motsepe’s African Rainbow Capital set so to list on JSE with R3 billion IPO: report
African Rainbow Capital Ltd., a South African financial-services firm started by billionaire Patrice Motsepe, plans to raise more than 3 billion rand ($234 million) in an initial public offering of its investment-holding unit, according to a report by Bloomberg.
According to the report, ARC will fold its non-financial services assets into the company and list the unit’s stock on the Johannesburg Stock Exchange before the end of September, with insiders indicating that the company may even raise as much as R5 billion.
Motsepe founded African Rainbow Minerals (ARM) in 1994‚ which he currently chairs. He originally earned his fortune by buying and improving output from marginal gold mines operated by AngloGold Ashanti Ltd.
He later expanded ARM into platinum, copper, coal and iron ore and started Ubuntu-Botho Investments, ARC’s parent, in 2004.
The investment-holding company ARC currently has an array of non-financial services businesses, such as its stake in EOH Holdings Ltd., which has interests in technology services, and Afrimat Ltd., a supplier of building materials.
Read: These are the richest billionaires in South Africa in 2017
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