The newfound heavy bias towards unlisted investments in Remgro’s investment portfolio was supposed to give the group a “scarcity value”.

That’s because large investments such as liquor conglomeration Heineken Beverages South Africa (Heineken Beverages), private hospitals group Mediclinic International, fibreoptic specialist Community Investment Ventures Holdings (CIVH), industrial gases business Air Products and food business Siqalo would be accessible to investors only via Remgro...

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