for subscribers

Remgro to raise R9.9bn as Johann Rupert mulls Distell deal

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
Johann Rupert, chairman of Richemont. (Picture supplied).
Johann Rupert, chairman of Richemont. (Picture supplied).

Johannesburg - Remgro [JSE:REM] plans to raise more than R9.9bn ($739m) from shareholders as the company controlled by South African billionaire Johann Rupert considers deals including a right to buy SABMiller [JSE:SAB] stake in drinks maker Distell Group [JSE:DST].

The company plans to raise the funds through a rights offer and the sale of B shares, it said in a statement after the market closed in Johannesburg on Tuesday. Investors will be entitled to 10 shares for every 100 they own at a price of R192.50 each under the terms of the rights issue. That’s a discount of 21% to Tuesday’s closing price of R241.72.

The investment group has first refusal on SABMiller’s 26% holding in the maker of Amarula liqueur and Klipdrift brandy, valued at about R9.5bn. The brewer was told to sell the asset by antitrust authorities as a condition to winning South African approval for its takeover by Anheuser-Busch InBev [JSE:ABI]. Remgro already owns almost 53% of Distell.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
15.21
(-0.66)
ZAR/GBP
20.32
(-0.44)
ZAR/EUR
18.12
(-0.61)
ZAR/AUD
11.20
(-0.63)
ZAR/JPY
0.15
(-0.79)
Gold
1809.97
(+0.12)
Silver
23.29
(-0.15)
Platinum
962.00
(+0.38)
Brent Crude
48.73
(+1.57)
Palladium
2369.97
(+2.49)
All Share
57923.69
(+0.31)
Top 40
53084.13
(+0.27)
Financial 15
11645.28
(+0.04)
Industrial 25
79993.34
(+0.20)
Resource 10
52790.93
(+0.35)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
22% - 340 votes
No, I did not.
51% - 804 votes
My landlord refused
28% - 435 votes
Vote