https://www.engineeringnews.co.za
Africa|Energy|Grindrod|Refinery|Refining|Operations
Africa|Energy|Grindrod|Refinery|Refining|Operations
africa|energy|grindrod|refinery|refining|operations

Billionaire’s Remgro to sell stake in TotalEnergies South Africa

23rd September 2022

By: Bloomberg

  

Font size: - +

South African billionaire Johann Rupert’s investment vehicle, Remgro Ltd., is planning to sell its stake in the local unit of energy giant TotalEnergies, according to people familiar with the matter.

Remgro’s 25% holding in the arm of the Paris-based company, which owns refining operations and gasoline stations in South Africa, has a book value of R2.5-billion, according to a 2021 results statement.

Remgro declined to comment, Total did not respond to e-mailed questions.

Remgro is reshuffling its portfolio, most recently buying out the part of hospital operator Mediclinic International it didn’t already own. The shake-up also included the sale of Grindrod’s banking unit and the disposal of about a 30% stake in wine and spirits maker Distell Group Holdings to Heineken.

TotalEnergies owns a 36% stake in the Natref crude-oil refinery in South Africa, with the majority held by Sasol. The companies plan to upgrade the plant to produce low-sulphur diesel.

The sale process is under way with bids expected to be submitted within the coming weeks, said the people.
 

Edited by Bloomberg

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.402 0.461s - 174pq - 2rq
Subscribe Now