African Rainbow Capital announced on Tuesday that it is selling its shareholding in South Africa’s Fibre-To-The-Home (FTTH) and Fibre-To-The-Business (FTTB)provider MetroFibre Networx
“The ARC Fund has reached an agreement to dispose of its entire investment in MetroFibre, pending regulatory approval,” African Rainbow Capital informed investors on Tuesday.
The company, which launched in 2010, is a high-growth player in South Africa’s FFTTH and FTTB markets. Over the last 10 years, MetroFibre has expanded its service offering to both residential and corporate customers in line with its strategic objective of being a diversified operator.
The company is an internet infrastructure company that provides managed fibre optic broadband connectivity in South Africa.
“The business experienced a satisfactory financial year, despite some challenges with its infrastructure roll-out brought on by Covid-19,” said African Rainbow Capital.
The ARC Fund has reached an agreement to dispose of its entire investment in MetroFibre, pending regulatory approval. The Company’s effective investment in MetroFibre increased from R242 million at 30 June 2020 to R268 million at 30 June 2021 as a result of an additional R32 million capital injection and a fair value loss of R6 million.