South Africa's ARC Investments aims to raise $300 million via listingStaff Writer | August 25, 2017
ARC Investments, an investment holding company co-founded by South African mining magnate Patrice Motsepe, plans to raise more than $300 million in a Johannesburg stock market flotation.
Africa ARC was formed about a year ago
The company, whose assets are valued at 4.4 billion rand and include stakes in pension fund administrator Alexander Forbes and short term insurer Santam, said the listing was subject to market conditions.
Rand Merchant Bank, an investment banking unit of FirstRand, is arranging the flotation.
ARC was formed about a year ago by Motsepe and two other veteran financial services executives, Johan van Zyl and Johan van der Merwe, to build a financial services company controlled by black people and spanning everything from life insurance, healthcare, money management and banking. ■