Patrice Motsepe’s African Rainbow Capital widens
A prominent black shareholder and R1bn in the bank —what’s not to like about African Rainbow Capital’s Forbes foray?
Alexander Forbes’s largest shareholder, the multinational employee benefits business Mercer, was unlikely ever to be content with just a third of the company. But it was lucky to have a willing buyer in Patrice Motsepe’s African Rainbow Capital (ARC) Investments, which will snap up its 193-million Forbes shares for R1bn.
Abax Investments portfolio manager Wallie van der Walt says it is never welcome to see a large multinational such as Mercer disinvesting, but Forbes was small in its life and barely a rounding error in its accounts.