Patrice Motsepe’s investment company African Rainbow Capital has R700m in cash that it plans to invest after spending R348m in the first five months of 2019 acquiring more stakes in its existing businesses.
“The AI fund is focused on helping businesses that disproportionately benefit from data. Now we have many businesses like Alexander Forbes, Tymebank, Rain and Afrocentric. There are real opportunities. Everywhere we have a client pool, this expertise that we’ve now crafted will be beneficial,” said ARC joint-CEO Johan van Zyl.
At R5.09 per share closing price on Monday, ARC trades at huge discount to its intrinsic net asset value per share of R9.21 – seen as the best measure of how well an investment holding company is doing – reported in its interim results in December 2018.