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The largest single investment of African Rainbow Capital Investments (ARCI) is its 20.6% holding in Rain, an unlisted wholesale and retail internet service provider. Without wishing to rain on its parade (pun intended), I admit leaving a presentation slightly underwhelmed and not entirely convinced of its value proposition, relative to the interest surrounding this company.

It is at the cutting edge of technology and has a funky image that will appeal to young, upwardly mobile consumers in urban SA, but it is likely to be a very long-term prospect and a while until cash is generated...

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