By Renee Bonorchis
Patrice Motsepe, the South African billionaire who is deputy chairman of insurer Sanlam Ltd. (SLM), plans to start a financial-services company, the Financial Mail reported.
Ubuntu-Botho Financial Services will be involved in asset management, private equity and insurance, the Johannesburg-based weekly magazine reported today, citing an interview with Motsepe. He is planning an initial public offering for the new firm in Johannesburg, the Financial Mail said.
Sanlam, the largest South Africa-based insurer, sold a stake in its business to Ubuntu-Botho, a group of black investors led by Motsepe, in 2004. The transaction was part of the country’s efforts to increase black ownership to make up for economic discrimination under apartheid. Motsepe, 52, is worth $2.5 billion, according to the Bloomberg Billionaires Index, and his stake in Cape Town-based Sanlam is valued at $625 million.
Ubuntu-Botho’s Sanlam investment plan matured last year, creating more than 15 billion rand ($1.4 billion) in value for shareholders, the Financial Mail reported. Motsepe’s new firm plans to expand in the rest of Africa and maybe Brazil, Russia and India, he told the magazine.
Jongisa Klaas, a spokeswoman for African Rainbow Minerals Ltd., a Johannesburg mining company founded by Motsepe, didn’t immediately respond to a voice mail left on her mobile phone. African Rainbow Executive Director Andre Wilkens directed questions to Motsepe’s office manager, who he said may be able to respond tomorrow.
Source Bloomberg
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