Remgro to spend R805m for bigger stake in RCL Foods
Remgro, which already holds 76.6% of RCL, said the acquisition is not a takeover
02 December 2020 - 08:31
Remgro, an investment heavyweight chaired by Johann Rupert, is willing to spend as much as R805m to raise its stake in consumer foods maker RCL Foods, a move that will give minority shareholders an easy pay out in the highly illiquid stock.
RCL is among the most illiquid shares on the JSE with shares worth just 4.8% of its nearly R8bn market capitalisation being traded in the past 12 months, reflecting the investment conglomerate’s tight grip on the supplier of chicken to KFC, Nando’s and Chicken Licken. ..
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