1st black bank... Data-only network Rain… Patrice Motsepe’s ARC is investing!

South African businessman Patrice Motsepe. Picture: The Motsepe Foundation.

(Also read: Billionaire Patrice Motsepe’s ARC to form South Africa’s first black-owned bank)

Instead of paying its first dividend, billionaire Patrice Motsepe’s African Rainbow Capital Investments (ARC) will rather hunt for new investments.

ARC invested a whopping R2.73 billion in the year to 30 June.

Most notable was ARC’s acquisition of TymeDigital and an additional investment of R1.12 billion in data-only mobile network Rain.

TymeDigital is South Africa’s first black-owned commercial bank.

Ray White (in for Bruce Whitfield on The Money Show) interviewed ARC co-CEO Johan van der Merwe.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

As we speak Johan van Zyl is at the Reserve Bank making our case there… We have to wait for them to give us approval… We believe it’s going to be very disruptive in the banking system…

Johan van der Merwe, African Rainbow Capital Investments

The original plan was to launch this year… if we get approval in the next few weeks…

Johan van der Merwe, African Rainbow Capital Investments

We believe these are investments that can grow massively… at that point in time, we’ll consider paying dividends… We invest for capital growth. They weren’t expecting dividends…

Johan van der Merwe, African Rainbow Capital Investments

We’ll be able to do more deals… because people want empowerment with money…

Johan van der Merwe, African Rainbow Capital Investments

We only invest over here, because this is where our competitive advantage is in terms of black economic empowerment.

Johan van der Merwe, African Rainbow Capital Investments

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This article first appeared on 702 : 1st black bank... Data-only network Rain… Patrice Motsepe’s ARC is investing!


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