COMPANY COMMENT
Remgro; Investec
Johann Rupert is not exactly a model media mogul, while the market still doubts Investec’s bottom line after Brexit
THERE might be an inordinate amount of interest in Remgro’s results presentation on Wednesday after claims that controlling shareholder Johann Rupert controls the media. Remgro has not exactly been a happy investor in the media, and its interests pale in comparison with its holdings in financial services, food and beverages, and healthcare.
A flow chart posted on Twitter last week concludes that Rupert — whose public investments in SA are held via Remgro — has control of an array of media interests, spanning 24-hour news channel eNCA, publishing house Caxton, broadcaster Kagiso Media and Naspers. One might suspect these claims could be aimed at nullifying persistent state-capture allegations in the mainstream media following the Guptagate saga. Remgro does have some influence in specialised media investments, notably its indirect significant minority stake in e-Media, which controls eNCA and e.tv. But trade union-aligned Sactwu Investments (via Hosken Consolidated Investments)...
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