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The presence of billionaire Patrice Motsepe as chair and former Sanlam boss Johan van Zyl as joint CEO means that the moves carried out by African Rainbow Capital (ARC) are closely watched.

But despite the presence of two such heavy-hitters, along with joint CEO Johan van der Merwe, ARC has comprehensively failed to ignite market excitement since listing at R8.30 a share in September 2017. It’s now trading at R4.20 — a drop of 49%. And even though ARC puts its NAV at R9.74bn — a gain of 2.5% in the year to end-June — its market capitalisation is half that, at just R4.4bn...

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