Remgro to sell its stake in TotalEnergies SA

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

Read: Is Remgro planning to exit the Johannesburg Stock Exchange?

The book value of Remgro’s 25% in the arm of the Paris-based company, which owns refineries and petrol stations in South Africa, is 2.5 billion rand, according to its 2021 results statement.

Remgro declined to comment, and Total did not respond to email questions.

Remgro is redistributing its portfolio, having recently purchased a portion of Mediclinic International, the hospital operator it did not already own. Changes also included the sale of the Grindrod banking unit and the disposal of about 30% of wine and spirits maker Distell Group Holdings to Heineken.

Read: Distell to disappear from JSE

TotalEnergies owns a 36% stake in the Natref crude oil refinery in South Africa, with Sasol owning the bulk. The companies plan to modernize the plant to produce low-sulfur diesel.

People said the sale is underway and bids are expected within the coming weeks.

© Bloomberg 2022

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