Johann Rupert’s Reinet Investments says its net asset value declined by €311m in the quarter end-June, as a result of a share price decline in tobacco company British American Tobacco (BAT).

Reinet’s net asset value decreased 6.4% to almost €4.52bn, while net asset value per share fell 5.45% to €23.92, the company said in an operational update on Tuesday. This caused the slice of BAT in Reinet’s overall portfolio to decrease to 46.2% from 52.2% in the prior quarter.

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