JSE-listed investment holding company African Rainbow Capital (ARC) increased its intrinsic net asset value by 15.8% year-on-year to R15.3-billion for the financial year ended June 30, while its net asset value a share increased by 13.4% to R11.41 a share. The company’s cash reserves, however, decreased by 25% to R500-million, while its debt increased by 51% to R1.47-billion.
JSE-listed investment holding company African Rainbow Capital increased its intrinsic net asset value by 15.8% year-on-year to R15.3-billion for the financial year ended June 30, while its net asset value a share increased by 13.4% to R11.41 a share.
The ARC Fund, meanwhile, made significant investments of R664-million in TymeBank and Tyme Global, largely to fund the acquisition of Retail Capital, and also made an additional capital advance of R833-million to Kropz. “ARC Fund completed disposals of R1.4-billion, which included investments in Afrimat, Humanstate, Gemcap , Capital Appreciation and Mooiplaats Coal. ARC Financial Services Investments disposed of its investments in Rand Mutual Holdings,” it said.
“As a result of these transactions, mining, property and business process outsourcing exposure has decreased, while exposure to future-focused growth areas in financial services, telecommunication, agriculture and diversified financials has notably increased. “Portfolio valuations have been validated through several disposals at full value,” the company said.ARC has reduced management and performance fees by more than 50%.
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