Tycoon Patrice Motsepe’s investment firm switches to banks, shuns mining

African Rainbow Capital, founded by South African billionaire Patrice Motsepe, is switching to investing in digital banks and financial startups, while shunning mining stocks, saying the boom in commodity prices maybe overdone. The firm, which manages assets valued at R14 billion , sold its stake in Afrimat Ltd., a supplier of construction materials, industrial minerals and bulk commodities such as iron ore.

“Of all the businesses, we will probably put more money into financial services into the future, and will probably take a little bit off the table in mining, and property.” The Johannesburg Stock Exchange’s index of industrial metals and mining stocks has jumped 10-fold in the six years to 2021. That compares with a 45% advance in the banking index, prompting ARC to cut its mining investments and plow the gains into banks.

Renewable energy projects he got under his brother inlaw Cyrils presidency

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Motsepe's African Rainbow Capital ditches MetroFibre investment but bulks up other stakes | Fin24African Rainbow Capital has been topping up its shareholding in existing investments. But it has sold a big chunk of its Afrimat shares and has disposed of its entire stake in MetroFibre. | Fin24
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