Reinet, the investment company controlled and managed by chair Johann Rupert, has finished its 2020 financial year with a marked shift in the balance of its portfolio.

The results to the end of March released on Friday show that Reinet’s core holding in global cigarette business British American Tobacco (BAT) accounted for only 40.6% of the €4.4bn (about R86bn) portfolio. At the end of March 2019, BAT represented more than 52% of the portfolio value, and at some points in previous years comprised almost 80% of the value.

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