ARC lifts intrinsic net asset value 3.9% to over R9bn
Founded by Patrice Motsepe, African Rainbow Capital’s share price was up 7% in early trade
African Rainbow Capital (ARC)‚ the investment group founded by billionaire businessman Patrice Motsepe, said on Tuesday that its intrinsic net asset value rose 3.9% to R9.07bn in the six months to end-December.
This comprised intrinsic portfolio value of R7.086bn, and cash and other net assets of R1.989bn.
Listed on the JSE in September, ARC has a big diversified investment portfolio, spanning financial services, telecommunications, mining and agriculture, among other areas.
Some of its institutional shareholders include the Public Investment Corporation‚ Sanlam Private Wealth and the Singapore sovereign wealth fund.
The company said in a statement that the sluggish economy had affected some of its investee companies. "It is expected that these investments will show improved performance in the second half of the reporting period owing to the improved political landscape and revised economic outlook for the country in the medium term."
The share price was up 7% to R6.30 in early trade on the JSE, valuing the company at R6.5bn.