GIC to buy shares in S African financial services firm's investment unit
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Johannesburg
AFRICAN Rainbow Capital Ltd (ARC), the South African financial services firm started by billionaire Patrice Motsepe, plans to raise four billion rand (S$413.8 million) selling shares in its investment unit to selected investors including Singapore's sovereign wealth fund GIC. The sale will be followed by a listing on the Johannesburg Stock Exchange next month that will give African Rainbow Capital Investments a market value of about 8.5 billion rand, including two billion rand in cash for future purchases, co-chief executive officer Johan van der Merwe said on Thursday.
GIC Pte Ltd, Public Investment Corp and Sanlam Private Wealth will be taking up 2.1 billion rand of shares and another 1.9 billion rand will go to selected investors, he said. The investment firm is also planning a secondary listing on A2X Markets, a new exchange in Johannesburg in which it already holds a 20 per cent stake.
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