Remgro sees growth in net asset value, boosted by stake in hospital group
Investment behemoth Remgro reports 6% jump in its all-important net asset value per share to R306.44 as at the end of June
INVESTMENT behemoth Remgro, which holds a portfolio worth R153bn, reported a 6% jump on Tuesday in its all-important net asset value (NAV) per share to R306.44 as at the end of June. This was thanks mainly to marked gains in the value of its controlling stake in London-listed private hospitals group Mediclinic International, which is the subject of fresh rumours of more corporate activity. The NAV figure — rather than earnings — is the key performance gauge for an investment company. It also means Remgro’s closing share price of R246.51 on the JSE on Tuesday evening indicates that the shares are offering a discount of about 20% on the snapshot NAV at the end of the reporting period. Remgro’s stake in Mediclinic increased almost 90% following the acquisition of a 29.9% strategic stake in UK-based Spire Healthcare Group and a reverse takeover of London-listed private hospitals group Al Noor.
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