Remgro once held a formidable industrial cluster, with investments like Metkor, Malbak (which later merged with Nampak) and Lenco. Today the industrial cluster holds a collective of about R10bn, compared with the group’s total intrinsic NAV of R130bn. This cluster generated about 10% of Remgro’s headline earnings in the half-year. If there is to be a cleaning up of the "rats and mice" in Remgro’s portfolio, the industrial cluster might be a good place to start. Remgro still seems to have a certain fondness for industrial gases business Air Products, which has been a consistent performer. It is the biggest part of the industrial cluster and is valued at less than R4bn, paling in comparison with the big listed investments like RMH, RMI, Mediclinic International, Distell and RCL Foods. Unless there is corporate action (and here I simply note that Afrox has a new American parent company), Air Products will remain a relatively small profit cog. But the business does not detract from Remg...

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