It can’t have been much of a surprise to anyone to see some corporate action between Sanlam and Alexander Forbes. After all, the major shareholder in both, African Rainbow Capital (ARC), needs to be seen to be taking action.

ARC, which is billionaire Patrice Motsepe’s main investment vehicle, has traded at a discount of up to 70% to its NAV for years. And it will continue to do so as long as it is seen as an unfocused investment trust. There has been progress at its largest holding, rain, which is aggressively rolling out its 5G network. And TymeBank, in which it is the biggest shareholder, is acquiring other high-profile investors such as Naspers associate Tencent and the London-based CDC Group...

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