MARC HASENFUSS: Sometimes boring is best
The travails of Steinhoff International put a good many things in perspective for the shocked investment community
The travails of Steinhoff International put a good many things in perspective for the shocked investment community. For me, the devastating collapse of the company’s share price forced me to reconsider what I had intended to write about Remgro as the "bastion of boredom". Remgro has looked a little uninspired of late, and to hear chairman Johann Rupert make some scathing remarks at the recent AGM about key investment Mediclinic International’s acquisition strategy was rather startling. Some may even have interpreted this as meaning Remgro may rein in acquisitive endeavours at its underlying investments, particularly Distell and RCL Foods, where additional operational span could be useful. Remgro’s drawback, for me, is that the bulk of its value lies in listed investments. And this issue will be more acute after the significant minority stake in Unilever SA is sold off. There are some really interesting unlisted businesses — including fibre-optic specialist Dark Fibre Africa, underse...
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