South African billionaire Johan Rupert’s investment company Remgro plans to sell its stake in the local unit of energy giant TotalEnergies SE, people familiar with the matter said.

Read: Remgro planning JSE exit?

Remgro’s 25% stake in the Paris-based company, which owns oil refineries and petrol stations in South Africa, has a book value of 2.5 billion rand, according to a 2021 earnings report.

Remgro declined to comment, Total did not respond to emailed questions.

Remgro is reshaping its portfolio, most recently buying the part of hospital operator Mediclinic International that it did not already own. The restructuring also included the sale of banking unit Grindrod and the sale of around 30% of wine and spirits maker Distell Group Holdings to Heineken.

Read: Distell to disappear from JSE

TotalEnergies owns a 36% stake in South Africa’s Natref refinery, majority owned by Sasol. The companies plan to upgrade a plant to produce low-sulfur diesel fuel.

The sale process is underway and bids are expected to be submitted in the coming weeks, the people said.

© 2022 Bloomberg

Source by [author_name]

Previous articleKhloe Kardashian is “depressed and sad” but ready to raise her children without Tristan
Next articleSouth Africa is among the 500 richest in the world