Report getting to coin news extra at the moment says African Rainbow Capital Investments Ltd. has perfected plans to expand its portfolio in the region and has entered negotiations to add a fintech conglomerate to the group in a quest to further expand her horizon ion the global space.
African Rainbow Capital Investments Ltd a firm, controlled by South African billionaire Patrice Motsepe through his Ubuntu-Botho Investments company, at the moment has, and owns branchless TymeBank and telecommunications business Rain, alongside with more and diverse holdings spanning almost 50 companies in the world.
However in an interview and speech co-Chief Executive Officer Johan van der Merwe said it has now set aside as much as 350 million rand ($25 million) for its new investment, in a quest to solidify and broaden its scope I the global space.
Meanwhile the fintech conglomerate includes “one or two advanced businesses and there are a few startups,” he said. “It’s still in negotiations.”
Furthermore, ARC is also in talks to attract new investors for TymeBank, which launched in 2019 and is expected to break even next year, Van der Merwe said.
In all, the bank recently acquired a license to launch operations in the Philippines and is exploring other Asian markets after JG Summit Holdings, one of the largest conglomerates in the country, invested in the business.
It would be recalled that JG Summit Holdings, Inc (JGSHI) is one of the largest conglomerates in the Philippines with business interests in air transportation, banking, food manufacturing, hotels, petrochemicals, power generation, publishing, real estate and property development, and telecommunications.
Also its Key subsidiaries include Universal Robina and Cebu Pacific. Incorporated on November 1990, JG Summit Holdings was founded by John Gokongwei Jr., one of the wealthiest individuals in Southeast Asia.