ANNUAL RESULTS
Cash-flush Remgro targets investments
The investment behemoth has about R6bn in its corporate coffers
Investment behemoth Remgro, which is controlled by the Rupert family, is once again cash flush with about R6bn in its corporate coffers. Remgro has traditionally held on to a large cash pile as an insurance policy for dividends in leaner times. But in recent years the group incurred debt to back one of its biggest investments — private hospitals group Mediclinic International. Year to end-June results issued on Wednesday showed Remgro in a near cash-neutral position with cash-at-the-centre of R13.7bn and debt-at-the-centre of R14bn. But subsequent to financial year end the group banked R4.9m in proceeds from a recent sale of its significant minority stake in consumer brands giant Unilever, and sold its investment in Chinese focused Milestone Capital Strategic Holdings (MCSH) for $70m (about R1bn). Remgro CEO Jannie Durand said the group, which holds stakes in banking conglomerate RMB Holdings, Mediclinic International, insurance cluster RMI, liquor group Distell and household brands...
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