African Rainbow Capital halves cash reserves after buying spree
The company says its invested net asset value has increased after acquisitions in the agriculture, financial services and mining sectors
African Rainbow Capital (ARC), the investment company founded by mining magnate Patrice Motsepe in 2016 said on Tuesday it had spent about half of the R4.2bn in cash it held when it listed on the JSE two months ago.ARC’s invested net asset value had increased to about R6.6bn after acquisitions in the agriculture, financial services and mining sectors, the company said in a statement.ARC listed on the JSE on September 7, with a net asset value of R8.7bn at the time, and has since acquired a 24.8% interest in short-term insurance group Bluespec for R509m and a R1bn commitment for 20% in telecoms startup Rain.The company had also invested R93m in the Last Mile Fund, which will focus on investment opportunities in the mining sector, the company said.The company had invested R120m into the agriculture sector, including into Subtropico, a company in the fresh produce market business, and the RSA group, which owns market agencies on all major municipal fresh produce agents.Remaining cash f...
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