ARC acquires 10% stake in Alexander Forbes Ltd
Shareholders of listed specialised financial services group Alexander Forbes have approved African Rainbow Capital’s (ARC’s) acquisition of a 10% stake in its African operations, Alexander Forbes Limited. The price tag on the deal is some R753 million.
Andrew Darfoor (pictured), Alexander Forbes CEO, has been quoted as saying:
"The overwhelming support for the transaction fully demonstrates that our shareholders believe in the strategic merit and industrial logic of having ARC as a strategic investor to partner with the group in the delivery of its ambition of building a leading pan-African financial services company."
In an update to the market, Alexander Forbes said it expected the strategic empowerment deal to enhance B-BBEE credentials at ownership level.
According to Alexander Forbes, the deal does not need to be approved by the Competition Commission.