African Rainbow Capital (ARC), which is owned by billionaire businessperson Patrice Motsepe, has bought an 18.36% stake in JSE-listed Afrimat.
“Afrimat is of the view that this will create a long-term and sustainable black economic empowerment partner with certainty around shareholding which will build further value for Afrimat,” Afrimat CEO Andries van Heerden said on Friday.
ARC is a fully black-owned and controlled investment company focusing on businesses that deliver returns on equity, with a strategic long-term investor with no predefined exit strategy.