ARC's flotation a response to rising waters
Billionaire Patrice Motsepe has chosen a time of major political and economic uncertainty to buck the trend of plummeting business confidence and list his empowerment investment company, African Rainbow Capital. Its listing on the JSE this week will be three years ahead of schedule. Joint CEO Johan van der Merwe says they're under no illusions about the climate. "We have bought into the long-term future of South Africa, but that doesn't mean it won't be a rocky ride." By "we" he means himself, Motsepe and joint CEO Johan van Zyl. The three go back around 14 years to when Motsepe entered into an empowerment deal with Sanlam through Ubuntu-Botho Investments, a broad-based consortium majority owned by his family trust.