24 August 2017
ARC Investments, an investment holding company co-founded by South African mining magnate Patrice Motsepe, plans to raise more than $300 million (around R3.9bn) 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 2.1 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.
($1 = 13.1930 rand)