African Rainbow Capital makes additional investments in Rain and Tyme Group, of R126 million and R169 million, respectively.
As of 30 June, the valuation of the ARC Fund’s shareholding in Rain increased by R598 million from June 2023.
ARC is a holding company that acquires minority interests in unlisted and listed businesses at a discount by leveraging its empowerment credentials. The company manages a portfolio of 49 mainly South African investments, valued at R20.2 billion.The company says it made additional investment in Rain and Tyme Group, of R126 million and R169 million, respectively.
It notes Tyme Group’s recent pilot in Vietnam is also performing well, and has announced plans to enter Indonesia before the end of 2024. “Rain has solidified its position as an affordable data and mobile service provider and continues to experience substantial subscriber growth,” says ARC in a statement.
Deposits have grown by 59% to R6.5 billion, and merchant credit advances have risen to R1.8 billion, ARC says, adding that the full range of banking products offers value to customers, giving the bank many levers for growth.
Tymebank Patrice Motsepe Tyme Group Gotyme Digital Banking Spectrum 4G 5G
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