Billionaire Patrice Motsepe’s Africa Rainbow Capital makes an additional R81 million investment in the telecoms company.
Billionaire Patrice Motsepe’s Africa Rainbow Capital has made an additional R81 million investment in telecoms company Rain.
ARC notes the increase in valuation can be attributed to the business progressing past the significant net cash outflow point and the subsequent launch of rainOne. Rain is expecting to achieve earnings before interest, taxes, depreciation and amortisation of over R2 billion for the year ended February 2024, says ARC.
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