ACORN AGRI & FOOD
Billionaire Patrice Motsepe’s ARC in court over BKB shares
African Rainbow Capital Investments (ARC), the investment company started by billionaire Patrice Motsepe and run by two former Sanlam senior executives, has seen its relationship with agroprocessing company BKB descend into acrimony over a proposed share sale. BKB went to the high court in Johannesburg last week in an attempt to stop ARC from selling its 20% stake in the company to another shareholder, Acorn Agri & Food (Acorn), an agricultural investment holding company in which ARC is also invested. The conflict is already the subject of arbitration, which is at an advanced stage, with a decision set for October 1. Acting high court judge Selemeng Mokose ruled that the matter was not urgent, partly because the arbitration process is ongoing.
Any decision in favour of BKB could result in ARC’s failure to realise the maximum value on its investment in BKB and hamper its effort to consolidate its agricultural investments under Acorn. "We launched the application to prevent ARC ...
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