Johann Rupert, South Africa's Richest Man, To Divest 1.5 Billion In British American Tobacco Shares
- Reinet Investments plans to divest its 1.5 billion stake in British American Tobacco, marking the end of its long-term holding.
- Proceeds will fuel diversified investments via Reinet Fund S.C.A. F.I.S.'s investment initiatives, ensuring the portfolio remains adaptive to market conditions.
- The divestment, driven by Ruperts leadership, supports Reinets strategy to adapt to market conditions and focus on diverse global investments.
Reinet Investments, an international investment firm controlled by South Africas richest man Johann Rupert, has unveiled plans to divest its entire stake valued at 1.22 billion 1.5 billion in British American Tobacco p.l.c. BAT, the worlds largest producer of cigarettes.
This move aligns with Reinet's broader investment strategy to optimize its portfolio and enhance liquidity.
Strategic move to exit BAT holdingsThe Luxembourg-based investment vehicle, via a recent JSE update , announced plans to sell 43,310,286 BAT sharesapproximately 1.96 percent of BATs ordinary share capitalthrough its subsidiary Reinet Jersey Holdings Limited RJHL.
Under Luxembourg Stock Exchange rules, the shares will be sold to institutional investors at 28.20 34.11 each through an accelerated bookbuild process, with J.P. Morgan Securities plc serving as Sole Global Coordinator and Bookrunner.
This follows a prior sale of 5 million BAT shares through a dribble-out process on the London Stock Exchange, which generated gross proceeds of 148.5 million 180.92 million. Combined with this latest transaction, Reinet's exit marks the culmination of its long-term holding in BAT, which previously constituted 24 percent of the companys net asset value as of Sept. 30, 2024.