General
For an additional $200 million, Africa's second-richest man closes one of the continent's largest banks. In the second week of March, Africa’s second richest man, Johann Rupert, through Remgro, his investment firm, sold 52 million shares (worth a little over $200 million) in one of Africa's largest listed financial services groups, FirstRand.
Remgro, the investment firm of Johann Rupert, sold its remaining FirstRand shares, disposing of a non-core asset worth more than $218 million. This move is part of Remgro's ongoing strategy to divest from listed financial services and move capital toward private assets. ?Remgro has been reducing its exposure to FirstRand since 2020, selling large portions of its holdings over the past six years.
?Other recent strategic moves include delisting Mediclinic International and selling luxury timepiece brand Baume & Mercier through Richemont.
A recent report shows that the South African billionaire has doubled down on divesting his holdings in the bank, selling its remaining 39,603,406 FirstRand shares for R3.6 billion ($218,531,484.00), tagging it a non-core investment.
Remgro has been engaged in a divestment strategy over the past six years.
As a result of this transaction, the company moves its capital toward private assets, advancing the scheme even further. Prior to this, as reported by BusinessTech, Remgro was directly exposed to 3.92% of FirstRand's market capitalization.
FirstRand has a market capitalization of more than R500 billion and is the owner of FNB, RMB, and WesBank.
The investment firm sold its residual interest in FirstRand to a holding of 1.
64% before the end of the prior fiscal year.
Remgro sold nearly 52 million FirstRand shares in March for R4.88 billion, or $296 million, when the company had a market capitalization of R509 billion. The rationale for this sale, which was divested at an average price of R93.87 per share, according to the company, was to bolster its strategic cash reserves and its capital allocation framework.
“The proceeds from the disposal add to Remgro’s strategic cash resources, which are managed in accordance with its capital allocation framework,” Remgro said at the time.
In 2020, Remgro decided to start selling some of its shares, starting with its 28.2% position in RMB interests.
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That year, assets listed on the JSE made up 77% of Remgro's portfolio. The company made the decision to build a portfolio of very different and compelling exposures. In 2022, OUTsurance went public following the bankruptcy of RMI Holdings, the company that had previously controlled Remgro's insurance assets. Additionally, the business and Mediterranean Shipping Company SA delisted Mediclinic International in June 2023. One of the world's oldest continuously operating luxury watch brands, Baume & Mercier, was sold by Johann Rupert's Richemont Group in January 2026. The Rembrandt Group, founded by Anton Rupert, is the origin of Remgro. Anton’s son, Johann Rupert, now serves as the corporation's chairman.
In 1988, Rembrandt underwent a major restructuring, resulting in the separation of its international interests into Richemont, while Remgro retained the South African assets.
