Patrice Motsepe’s African Rainbow Capital Investments (ARC) had a difficult six months as it had to write down the value of its stakes in embattled firms Alexander Forbes and EOH. The biggest blow came from Bluespec, a panel-beating and tow truck venture, in which it had to reduce the value of its stake by R209m to R300m. Its stake in Alexander Forbes, where the company was one of the shareholders supporting the ousting of former CEO Andrew Darfoor in 2018, was valued at R594m at the end of December, down R98m from six months earlier. The 1.7% stake in EOH, which has seen its share price collapse amid allegations of corrupt government tenders, was valued at R37m, compared to R314m at the time of ARC’s listing in September 2017. Joint CEO Johan van Zyl said on Thursday that the company was going to sell its EOH stake as soon as the technology company’s share price recovered to a level where it would make sense to sell. "We should have disposed of EOH a long time ago, and I personally...
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