Billionaire Johann Rupert’s company sells stake in major South African bank for R3.6 billion
Remgro, which is controlled by South Africa’s richest family, the Ruperts, has finalised the sale of its stake in FirstRand.
The company has completed the sale of its remaining stake in FirstRand, as the group deemed FirstRand a non-core investment.
The group sold 39,603,406 FirstRand shares through further on-market transactions, for an aggregate cash consideration of R3,593 million.
Remgro acquired a direct stake in FirstRand following the unbundling of its RMB Holdings interest in June 2020.
Remgro previously had a direct exposure to FirstRand of 3.92% of the bank’s market cap. FirstRand is the owner of FNB, RMB and WesBank, and has a market cap of over R500 billion.
By the end of the previous financial year, Remgro had sold down this residual interest in FirstRand to a holding of 1.64%.
Earlier this year, the group continued this disposal by selling 51,966,739 additional FirstRand shares in the market from 2 February 2026 to 10 March 2026.
At an average price per share of R93.87, Remgro’s sales totalled R4,878 million for the February to March sales. The latest R3,593 million adds to the previous sale.
“The proceeds from the disposal add to Remgro’s strategic cash resources, which are managed in accordance with its capital allocation framework,” said Remgro previously.
Remgro’s history dates back to the founding of the Rembrandt Group by Anton Rupert. Anton’s son, Johann, is now the company’s chair and the nation’s richest man.
In 1988, Rembrandt underwent a major split, with its international assets spun off into Richemont. The South African assets were kept in Remgro.
The Rupert family holds all the unlisted B shares in the company, which gives them over 40% control of the company.
Remgro’s other major holdings include Mediclinic, OUTsurance, Seacom, the Blue Bulls, Heineken, Rainbow Chicken and many more.
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