Alexander Forbes enlists ARC as a BEE partner
ALEXANDER Forbes on Thursday announced the introduction of African Rainbow Capital (ARC) as its black economic empowerment (BEE) partner. ARC, which is chaired by Patrice Motsepe, will be allocated 10% of Alexander Forbes shares in a deal valued at R753.45m in cash. Alexander Forbes said the transaction would improve its BEE position and support African business. ARC is owned by Ubuntu-Botho Investments, which is in turn owned by Motsepe’s family trust, along with a number of broad-based empowerment groupings and the Sanlam Ubuntu-Botho Community Development Trust. Last week, ARC offered to buy an 18.36% stake in construction and minerals supplier, Afrimat.
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