Billionaire invests in South African fibre network
African Rainbow Capital, under the directorship of billionaire Patrice Motsepe, has acquired an 18.14% stake in Metrofibre Networx.
Established in 2010, Metrofibre Networx is a South African owned and managed open access fibre network and broadband fibre provider based in Gauteng.
African Rainbow Capital (ARC) is a subsidiary of Ubuntu-Botho Investments (UBI), a broad based black empowerment investment holding company.
UBI was created in 2004 with its main purpose of being Sanlam’s empowerment partner. Its shareholders include women’s groups, churches, trade unions, youth groups and traditional and community leaders, across all nine provinces.
ARC’s directors include Patrice Motsepe, Johan van Zyl, former CEO of Sanlam, and Johan van der Merwe, former CEO of Sanlam Investments.
Following the investment by ARC, Sanlam Private Equity remains the controlling shareholder, both companies said.
Metrofibre Networx CEO Steve Booysen, formerly CEO at Absa Bank, said: “We believe that through our new partnership with African Rainbow Capital and the capital injection their investment into our business provides we will be able to further grow and expand our network and service offerings.”
The company owns and manages South Africa’s first globally compliant Carrier Ethernet 2.0 (CE 2.0) open access fibre network.It is currently working on a number of Fibre to the Home (FTTH) projects in Joburg’s northern suburbs.
Apart from providing Layer 2 services to over 60 ISP’s and international Telcos Metrofibre said it provides a host of voice and data connectivity products in the enterprise space.
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