Reinet Investments, the global investment company controlled by the Rupert family, is looking a little less reliant on its large tobacco holding. Half-year results to end-September released on Thursday showed Reinet’s significant minority shareholding in British American Tobacco (BAT) being reduced to 66.8% of the €5.4bn portfolio from 70.8% at the end of March in 2017. Reinet CEO Johann Rupert said the BAT share price on the London Stock Exchange decreased from £53 at the end of March to £46.72 at the end of September — resulting in a decrease in value of €485m. BAT’s carrying value was also affected by the weakening of the pound against the euro, he said. Some sentiment for BAT shares has been snuffed out by a recent announcement by the US Food and Drug Administration to pursue regulation requiring nicotine in cigarettes to be reduced to nonaddictive levels. UK-based financial services specialist Pension Insurance Corporation Group (PensCorp) — Reinet’s second-largest investment —...

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