MARC HASENFUSS: Remgro’s big question
The big question now is whether Remgro’s move to unbundle its stakes in RMH and FirstRand inspires other investment holding companies to follow suit
Last week’s Remgro AGM was an entertaining affair — as usual — with chair Johann Rupert reminding shareholders how lucky the group had been to switch its stake in mining group Gold Fields for banking group FirstRand.
What happened was that Anglo American (which effectively controlled First National Bank/FirstRand) wanted out of banking and Remgro (Rembrandt in those days) wanted out of mining. Though this move initially appeared to backfire, as Gold Fields enjoyed a strong run, FirstRand and parent company RMB Holdings (RMH) has been one of Remgro’s great success stories.