Patrice Motsepe’s African Rainbow Capital Investments issued and investment update on Tuesday, 5 December, which includes an update on LTE-A group Rain.<\/p>\n
African Rainbow Capital Investments<\/a> (ARC Investments) listed in the Speciality Finance Sector on the main board of the Johannesburg Stock Exchange (JSE) in September.<\/p>\n 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.<\/p>\n 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.<\/p>\n ARC said in a statement on Tuesday that its Fund\u2019s 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.<\/p>\n 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.<\/p>\n “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.<\/p>\n Previously the group said that it planned to reach\u00a02,000 base stations by the end of the year, 5,000 by the end of 2018 and ultimately 10,000 in the coming years.<\/p>\n