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South Africa's ARC Investments aims to raise $300 mln via listing
August 24, 2017 / 10:06 AM / a month ago

South Africa's ARC Investments aims to raise $300 mln via listing

JOHANNESBURG, Aug 24 (Reuters) - 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, it said on Thursday.

ARC said it would offer shares worth 1.9 billion rand ($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 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.

$1 = 13.1930 rand Reporting by Nqobile Dludla; Editing by Mark Potter

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