African Rainbow Capital to acquire stake in Afrimat
PATRICE Motsepe’s African Rainbow Capital is offering to buy an 18.36% stake in Afrimat through the JSE-listed company’s empowerment arm, Afrimat Empowerment Investments.Afrimat CEO Andries van Heerden on Friday emphasised that the deal was subject to conditions, including Afrimat’s black economic empowerment (BEE) trust voting in favour of the offer.He said African Rainbow Capital had agreed to a lock-in period of at least four years."We have been talking, I guess, a good three or four months," Van Heerden said."Afrimat is of the view that this will create a long-term and sustainable BEE partner with certainty around shareholding, which will build further value for Afrimat," he said.African Rainbow Capital 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.Afrimat supplies industrial and construction materials.Van Heerden said Afrimat...
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