Johann Rupert, South Africa’s richest man, recently sold 52 million shares (worth slightly more than $200 million) in FirstRand, one of Africa’s largest publicly traded financial services companies.
Remgro, chaired by Johann Rupert, reported a net asset value of R292.34 per share as of June 2025 and has been pursuing a divestiture strategy for the previous six years.
The most recent example of this strategy is the sale of over 52 million FirstRand shares for R4.88 billion ($296 million), with the company’s market capitalization being at R509 billion.
The company’s rationale for this transaction, which was completed at an average price of R93.87 per share, is to strengthen its strategic financial reserves and capital allocation framework.
“The proceeds from the disposal add to Remgro’s strategic cash resources, which are managed in accordance with its capital allocation framework,” according to the business.
Remgro, one of the Rupert family’s principal businesses, was formed in the 2000s when the Rupert-founded investment giant Rembrandt was divided into two publicly traded companies.
VenFin, which managed the company’s technical investments, and Remgro, which managed its traditional assets, were two of these entities.
These businesses merged to establish Remgro in 2009, and the investment giant has since grown.
In 2020, the corporation decided to start selling its interests, starting with its 28.2% position in RMB interests.
As reported by Daily Investor, JSE-listed assets accounted for 77% of Remgro’s portfolio that year.
The company decided to establish a portfolio of highly distinctive and compelling exposures.
Following the bankruptcy of RMI Holdings, the firm that formerly controlled Remgro’s insurance assets, OUTsurance became public in 2022.
Additionally, in June 2023, the company, in collaboration with Mediterranean Shipping Company SA, delisted Mediclinic International.
As a result, the organization has moved closer to its goal of having a more unique portfolio.
“We have successfully executed on our strategy to optimise and reposition our portfolio and, through embedding these transformative actions, laid the foundation for unlocking sustainable shareholder value,” Durand wrote in Remgro’s Annual Report for 2025.
In January 2026, Johann Rupert’s Richemont Group sold Baume & Mercier, one of the world’s longest continually functioning luxury watch businesses.