Reinet, the offshore investment company headed by Stellenbosch-based tycoon Johann Rupert, is battling to kick its heavy tobacco habit. A third, quarter management statement released on Wednesday shows Reinet’s long-standing investment in cigarette company British American Tobacco (BAT) still represented a chunky 67.3% of the €5.7bn (R84bn) net value of its investment portfolio at the end of December 2017. At the end of the September quarter, the 2.97% interest in BAT represented 66.8% of Reinet’s portfolio value. The BAT investment was again the star performer for Reinet with the cigarette group’s share price increasing on the London Stock Exchange from £46.72 at the end of September to £50.08 at the end of 2017. In commentary accompanying the management statement, Rupert said the position in BAT was kept under constant review — considering the company’s performance, the industry outlook, cash flows from dividends, stock market performance, volatility and liquidity. While Reinet’s ...

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