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African Rainbow Capital
Nedbank CIB assisted African Rainbow Capital by funding the delisting of the entity from the JSE.
Nedbank Corporate and Investment Banking (CIB) is thrilled to partner with African Rainbow Capital (“ARC”) and its reinvesting shareholders, by providing R1 billion to part-fund the proposed delisting of African Rainbow Capital, playing a pivotal role as funder to the transaction.
The proposed delisting and re-domiciliation of African Rainbow Capital unleashes value realisation for shareholders and streamlines its operations.
Background of African Rainbow Capital
African Rainbow Capital formed in 2015, is a fully Black-owned and controlled company of significant scale focusing on opportunities in the South African and African financial services and diversified investments (non-financial) industries.
African Rainbow Capital was founded by South African businessman Dr Patrice Motsepe, who is currently its chairman and is flanked by well-respected, highly experienced Sanlam veterans Dr Johan van Zyl and Johan van der Merwe in their capacity as joint CEOs. African Rainbow Capital is a diversified holding company with exposure to more than 8 industries and 40+ investments.
According to Mark Holness, Co-head of Leveraged and Diversified Finance at Nedbank CIB, ‘The proposed delisting and re-domiciliation of African Rainbow Capital unleashes value realisation for shareholders and streamlines its operations. This transaction is testament to the strength and value of our relationship with African Rainbow Capital and enables Nedbank CIB to continue partnering with African Rainbow Capital as they pursue further growth in the country.’
Rationale for the de-listing
At the time of African Rainbow Capital I’s listing, its Mauritian incorporation was intended to attract international investment and facilitate offshore expansion. However, this strategy was slow to unfold, with African Rainbow Capital attracting minimal international funding, its portfolio remaining largely South African. Limited public shareholding, low liquidity and the persistent discount at which African Rainbow Capital I shares traded relative to their net asset value further challenged its ability to unlock value for investors. The delisting and re-domiciliation are expected to enhance value realisation for shareholders and streamline African Rainbow Capital ’s investment operations.
Collaboration and teamwork
Nedbank CIB has maintained a strong relationship with African Rainbow Capital’s executive team, which has allowed us to remain relevant to the client and pursue potential new opportunities.
‘Executing this transaction successfully under tight deadlines required tenacity and teamwork, which was enabled by effective communication with African Rainbow Capital and close collaboration across the Nedbank CIB franchise,’ said Gary Galolo, Principal of Leveraged and Diversified Finance at Nedbank CIB.
Key differentiating factors
- Access to underlying sectors with high appeal and significant growth fundamentals.
- African Rainbow Capital is a notable capital allocator in the market, with significant influence over a wide range of entities in the SA economy.
- A favourable regulatory environment creates defensive businesses with high barriers to entry.
- Excellent management team with a demonstrated track record.
The transaction’s conclusion allows African Rainbow Capital to optimise its capital structure and unlock further value for shareholders. Francois Van Zyl, Deal Executive at African Rainbow Capitalsays, ‘In an unlisted environment, African Rainbow Capital will continue to unlock value for its shareholders and investee companies which directly impacts and improves the lives of thousands of South Africans.’
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