Coen Welsh | Nov 14, 2017 | 0
Rain follows Rainbow Capital
Johannesburg – African Rainbow Capital (ARC), a black owned and controlled investment company which forms part of the Patrice Motsepe stable, announced at the end of July that it will buy a 29,9% share of CMB International Ltd, the listed holding company of independent investment banking and advisory firm Bravura.
CMB International and its subsidiaries provide corporate finance, structured solutions and property investment services to clients in Southern Africa and Australia. The company is listed on the Stock Exchange of Mauritius with a secondary listing on the Namibian Stock Exchange. Since its incorporation in August 2015, CMB International has acquired six financial services businesses, including Bravura in December 2015.
Kamal Taposeea, the Chairman of the CMB International board said the company intends to continue growing through acquisitions. “Having ARC as a strategic shareholder and the capital injection received through the ARC investment will accelerate and underpin this growth strategy.”
ARC is a subsidiary of Ubuntu-Botho Investments, a broad-based black empowerment investment holding company created in 2004 as Sanlam’s empowerment partner. The ARC team members include Patrice Motsepe, Johan van Zyl, former CEO of Sanlam, and Johan van der Merwe, former CEO of Sanlam Investments. “The team offers a wealth of experience in the financial services industry and empowerment world, which they leverage to create strong returns for shareholders and make a positive contribution to Africa” ARC said.