MARC HASENFUSS: Remgro’s best investment
The best investment in Remgro lies tucked away in its small infrastructure segment in the form of unlisted fibre-optic group Dark Fibre Africa
Investment behemoth Remgro is these days characterised by its large listed investments — Mediclinic International, RMB Holdings/FirstRand, Rand Merchant Investment Holdings, RCL Foods and Distell — which make up the bulk of its intrinsic value. I think the best investment in Remgro lies tucked away in its small infrastructure segment in the form of unlisted fibre-optic group Dark Fibre Africa (DFA). Remgro holds an influential stake in DFA through its 51% interest in Community Investment Venture Holdings. DFA is a gem of a business, and the fact that it is subject to persistent rumours suggests a good deal of interest in the company. Bloomberg last year suggested it was set to be sold to Internet Solutions; and more recently there have been suggestions that DFA is targeting rival Vumatel for acquisition. Rumours were not raised at Remgro’s recent investment presentation — but some impressive numbers were disclosed. Revenue for the half-year to end-September was up 23% to R903m, with...
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