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EDITORIAL: Rupert family kicks long-held habit
It holds, in effect, no more shares in tobacco companies now that Reinet has sold its interests in BAT
After almost eight decades, Rupert family-controlled entities have finally stubbed out their long-held tobacco interests. This week investment company Reinet disposed of its 2.18% holding in British American Tobacco (BAT) for close to R32bn (£1.37bn). There does, at last count, remain a stompie of a legacy holding of BAT in corporate cousin Remgro, but for all intents and purposes the three listed Rupert family-controlled entities (Richemont being the other) are smoke free.
The statement detailing the BAT share placement, which was completed fairly swiftly, did not provide a rationale for the sale. Reinet had, in the past, sold tranches of BAT shares, and that, along with the flavoursome dividend flows, largely allowed the investment company to build up a diversified investment portfolio...
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