Motsepe eyes more than R3bn

African Rainbow Capital, started by Patrice Motsepe, plans to raise more than R3 billion in an initial public offering of its investment-holding unit, according to people familiar with the matter.

ARC will fold its non-financial services assets into the company and list the unit’s stock on the JSE, the people said, asking not to be named. The sale, scheduled for September, may even raise R5 billion, they said. – Bloomberg