Remgro

Remgro’s founding history goes back to the 1940s when the founder of the Group, Dr Anton Rupert, established the tobacco company Voorbrand, forerunner of Rembrandt Group Limited (Rembrandt), in Johannesburg, South Africa. Rembrandt was incorporated in 1948. Rembrandt entered the South African cigarette and tobacco industry in 1948 and in the 1950s expanded overseas through international partnerships. In 1972, the overseas tobacco interests of Rembrandt were consolidated in Rothmans International, which was listed on the London Stock Exchange. Since the 1970s Rembrandt expanded its interests outside tobacco, wine and spirits with investments in various other economic sectors in South Africa, amongst which were banking and financial services, mining, printing and packaging, medical services, engineering and food interests. In 1988 the separation of local and overseas interests was affected by the founding of Compagnie Financière Richemont AG (Richemont) – a Swiss-listed luxury goods group that included brands such as Cartier, Dunhill and Mont Blanc which then acquired a share in Rothmans International. During 1993, Rembrandt co-founded South Africa’s first cellular telephony company, Vodacom, which was eventually disposed of in 2006 by VenFin Limited (VenFin). In 1995, Rembrandt and Richemont consolidated their respective tobacco interests in Rothmans International, at the time the world’s fourth largest cigarette manufacturer, which was then delisted, and then in 1999 merged these interests with those of British American Tobacco plc (BAT), the world’s second largest cigarette producer. Since then the investment in BAT has been held through a joint holding company in which Rembrandt (Remgro’s predecessor) and Richemont held 33⅓% and 66⅔% respectively. Following the above restructuring, Rembrandt became a pure investment holding company. In September 2000, the restructuring of Rembrandt was advanced when the South African holding structure, consisting of four listed companies, was collapsed into two listed companies, namely Remgro and VenFin. Following this, Remgro represented Rembrandt’s established tobacco, financial services, mining and industrial interests. The telecommunication and technology interests were housed in VenFin. In January 2001, Remgro exchanged its 8.2% interest in Billiton plc and its 11.3% interest in Gold Fields Limited for a 9.3% interest in FirstRand Limited and a 23.1% interest in Rand Merchant Bank Holdings Limited. In November 2008, Remgro unbundled its investment in BAT by way of an interim dividend in specie amounting to R55.2 billion. Following the BAT unbundling, the Group’s remaining interests consisted mainly of investments in banking and financial services, printing and packaging, motor components, glass products, medical services, mining, petroleum products, food, wine and spirits and various other trade mark products. At 30 June 2025, the value of the unbundled BAT shares has increased to R179.6 billion. In November 2009 Remgro and VenFin merged again, adding media and technology interests to the Group’s investments. In June 2015 Remgro facilitated Mediclinic International Limited’s (Mediclinic) acquisition of a 29.9% stake in Spire Healthcare Group plc and participated in a Mediclinic rights issue. Mediclinic and Al Noor Hospitals Group plc combined in February 2016. In July 2018, Remgro disposed of its 25.75% shareholding in Unilever South Africa Proprietary Limited (Unilever) in exchange for Unilever’s Spreads business in Southern Africa, now Siqalo Foods, for R7 000 million, and a cash consideration of R4 900 million. In April 2023, the Heineken International B.V. Southern African business, including an interest in Namibia Breweries Limited, combined with the bulk of the Distell Group Holdings Limited (Distell) business (consisting of its cider, other RTDs and spirits and wine business) in Heineken Beverages Holdings Limited (Heineken Beverages). Remgro received a 15.5% interes