BusinessRemgro to sell stake in TotalEnergies SA

Remgro to sell stake in TotalEnergies SA

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South African billionaire Johann Rupert’s funding car, Remgro, is planning to promote its stake within the native unit of power large TotalEnergies SE, in line with individuals acquainted with the matter.

Learn: Is Remgro planning its exit from the JSE?

Remgro’s 25% holding within the arm of the Paris-based firm, which owns refining operations and gasoline stations in South Africa, has a ebook worth of R2.5 billion, in line with a 2021 outcomes assertion.

Remgro declined to remark, Whole didn’t reply to e-mailed questions.

Remgro is reshuffling its portfolio, most lately shopping for out the a part of hospital operator Mediclinic Worldwide it didn’t already personal. The shake-up additionally included the sale of Grindrod’s banking unit and the disposal of a few 30% stake in wine and spirits maker Distell Group Holdings to Heineken.

Learn: Distell to vanish from the JSE

TotalEnergies owns a 36% stake within the Natref crude-oil refinery in South Africa, with the bulk held by Sasol. The businesses plan to improve the plant to provide low-sulfur diesel.

The sale course of is underway with bids anticipated to be submitted inside the coming weeks, stated the individuals.

© 2022 Bloomberg

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