Johan van der Merwe, co-CEO of Patrice Motsepe's African Rainbow Capital (ARC), has ruled out share buybacks to shore up the investment holding company's market value, which is languishing more than three-quarters below the value of its underlying assets.

Founded about four years ago by Motsepe, Van der Merwe and co-CEO Johan van Zyl to build a black-controlled conglomerate, ARC has accumulated a number assets spanning everything from life telecoms and fund management to banking and agriculture...

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