Business Lead South Africa

Sanlam shareholders approve R2billion loan for Ubuntu-Botho in BEE share increase deal

JOHANNESBURG, December 13  – Sanlam said its shareholders had approved a package of strategic empowerment transactions that included issuing five percent of its enlarged issued ordinary shares to a new broad-based group of empowerment shareholders and Ubuntu-Botho. In October, the financial services group and insurer said it planned to provide a R2 billion facility to its black-economic […]

Business Lead South Africa

SA billionaire Patrice Motsepe gets the green light to buy digital bank TymeDigital

JOHANNESBURG, November 2 – South African billionaire Patrice Motsepe’s African Rainbow Capital (ARC) on Friday obtained approval from the Prudential Authority of the South African Reserve Bank to acquire a majority stake of the new digital bank, TymeDigital. In August, the black-owned financial services company, ARC, reached agreement to acquire 90 percent of TymeDigital for an […]

Business In The News South Africa

Patrice Motsepe buys 100% stake in digital bank TymeDigital

JOHANNESBURG, August 8 – South African billionaire Patrice Motsepe’s African Rainbow Capital (ARC) on Wednesday confirmed that it has reached agreement to acquire 90 percent of the new digital bank, TymeDigital, for an undisclosed sum through its subsidiary, ARC Financial Holding Company (FinHoldCo). TymeDigital is a registered South African bank with a strong fintech focus. […]