MARC HASENFUSS: Remgro needs some good news, soon
Johann Rupert could be in for a torrid time at the AGM after a tough couple of years for the group
Remgro chair Johann Rupert must be really looking forward to the investment company’s AGM late this month. There will undoubtedly be a few tough questions from the floor. Remgro has suffered several large setbacks in the past two years — a continued underperformance in parts of private hospitals group Mediclinic, a less than frothy start to its participation in Heineken Beverages and the frustrating delays in finalising an important fibreoptic deal.
Yes, Remgro — trading at an uncharacteristically wide discount to intrinsic NAV — is in desperate need of some good news to spark sentiment. But hopes were unceremoniously stubbed out last week when the competition authorities, in their infinite wisdom, blocked the proposed (and already much delayed) merger between Vodacom’s fibreoptic networks and those of Remgro-aligned Maziv (which houses the Vumatel and Dark Fibre Africa networks)...
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