Patrice Motsepe, the billionaire founder of mining firm African Rainbow Minerals who is deputy chairman of insurer Sanlam, planned to start a financial services company, the Financial Mail reported yesterday. Ubuntu-Botho Financial Services would be involved in asset management, private equity and insurance, the magazine reported, citing an interview with Motsepe. He was planning an initial public offering for the new firm on the JSE, it said. Sanlam sold a stake in its business to Ubuntu-Botho, a group of black investors led by Motsepe, in 2004. Motsepe is worth $2.5 billion (R26.9bn), according to the Bloomberg billionaires index, and his stake in Sanlam is valued at $625 million. Ubuntu-Botho’s Sanlam investment plan matured last year, creating more than R15bn in value for shareholders, the Financial Mail reported. Motsepe’s new firm planned 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, did not immediately reply to a message seeking comment. – Bloomberg