INVESTMENT PLANS
Cash-flush ARC issues upbeat portfolio update
African Rainbow Capital says it has completed R107m in investments and is still holding R1.9bn in cash
The share price of African Rainbow Capital (ARC), the investment company founded by mining magnate Patrice Motsepe, remained unchanged on Wednesday after it released an investment update. ARC said it had completed R107m in investments in the three months to end-March, and that it was still holding R1.9bn in cash. The company’s overall pipeline of acquisitions was healthy, as was its cash position, said co-CEO Johan van Zyl. ARC Investments said it was considering further investment in the proposed Elandsfontein, Western Cape phosphate mine, which would require "significant additional capital". Three funding models were being considered for the project, which faced environmental opposition and previous delays due to low phosphate prices. The company’s share price was unchanged on the day at R6.89 on Wednesday, representing a 22% discount to its diluted net asset value per share of R8.75 in the period to end-December. The company continues to trade at a discount to its net asset value...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.