Investors cheer Remgro's upbeat update

Cape Town - Remgro's [JSE:REM] share price jumped 3.06% to R249.19 in early trade on Tuesday after the investment holding company advised shareholders that it expects headline earnings per share for the year to end-June 2015 to be between 18% and 22% higher than the previous year's figure.

The R118.2bn investment giant said in a statement that the expected increase is mainly due to improved results reported by RCL Foods owing to the positive effect of Rainbow's new business model and the restructuring of its debt during the previous financial year. Last year RCL Foods contributed R473m to headline earnings.

Remgro's results for the year to end-June 2015 are due to be released on or about September 17.


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