African Rainbow Capital buys 20% stake in Rain
4 August 2017
Johannesburg - African Rainbow Capital (ARC), a South African financial-services firm started by Patrice Motsepe, on Friday announced that it had invested 20 percent of fixed and mobile data network operator, Rain.
This as ARC gears up to list on the JSE later this year in an initial public offering of its investment-holding unit said to be roughly R3 billion, according to news reports.
Johan van Zyl, ARC’s co-chief executive, said: “We focus on South African and African businesses that deliver exceptional returns on equity, and it is exciting to invest in a company that is at the start of its growth trajectory.”
“There is great demand in our country for fast, reliable and affordable data coverage and Rain promises to deliver just that,” said Van Zyl.