Johann Rupert richest

Money makes money and these three South Africans have made a lot of it over the years. And by a lot, we mean a LOT! Photo by Gallo Images/Sarie

Johann Rupert’s Remgro to sell stake in TotalEnergies SA

South African billionaire Johann Rupert’s investment vehicle, Remgro, is planning to sell its stake in energy giant TotalEnergies.

Johann Rupert richest

Money makes money and these three South Africans have made a lot of it over the years. And by a lot, we mean a LOT! Photo by Gallo Images/Sarie

South African billionaire Johann Rupert’s investment vehicle, Remgro, is planning to sell its stake in the local unit of energy giant TotalEnergies SE, according to people familiar with the matter.

READ | SOWETO MAN ARRESTED FOR JOHANN RUPERT’S R300 JEWELLERY HEIST

Remgro’s 25% holding in the arm of the Paris-based company, which owns refining operations and gasoline stations in South Africa, has a book value of R2.5 billion, according to a 2021 results statement.

ALSO READ | 5 NEW INTERNATIONAL ROUTES TAKING OFF IN SA BEFORE END OF 2022

Remgro declined to comment, Total did not respond to e-mailed questions from Bloomberg.

FOR THE LATEST BUSINESS NEWS VISIT THE SOUTH AFRICAN WEBSITE

Remgro is reshuffling its portfolio, most recently buying out the part of hospital operator Mediclinic International it didn’t already own, as reported by The South African website.

Remgro sale process underway

The shake-up also included the sale of Grindrod’s banking unit and the disposal of about a 30% stake in wine and spirits maker Distell Group Holdings to Heineken.

ALSO READ | DISCOVERY DELAYS MEDICAL AID PRICE INCREASES TO RELIEF OF MEMBERS

TotalEnergies owns a 36% stake in the Natref crude-oil refinery in South Africa, with the majority held by Sasol.

The companies plan to upgrade the plant to produce low-sulfur diesel.

PICTURES | South Africa’s power cuts hit travel at Zimbabwe border, queues 4km long

The sale process is underway with bids expected to be submitted within the coming weeks.

ALSO READ | ANGRY SOUTH AFRICANS VENT ESKOM LOAD SHEDDING FRUSTRATIONS ON TWITTER