24 August 2017
ARC Investments, an investment holding company cofounded by South African mining magnate Patrice Motsepe, plans to raise more than $300-million in a Johannesburg stock market flotation, it said on Thursday.
ARC said it would offer shares worth R1.9-billion ($144-million) to private investors and another R2.1-billion to three pre-selected institutional investors that include State pension fund, the Public Investment Corporation.
The company, whose assets are valued at R4.4-billion 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.