South African billionaire Johann Rupert’s investment vehicle, Remgro Ltd., plans to sell its stake in the local unit of energy giant TotalEnergies SE, according to people familiar with the matter.
Remgro’s 25% stake in the arm of the Paris-based company, which owns refineries and gas stations in South Africa, has a book value of R2.5 billion ($140 million), according to a 2021 earnings statement.
Remgro declined to comment, Total did not respond to questions by email.
Remgro is rearranging his portfolio, most recently buying the part of hospital operator Mediclinic International Plc that it did not already own. The commotion also included the sale of Grindrod’s banking unit and the sale of an approximately 30% stake in wine and spirits producer Distell Group Holdings Ltd to Heineken NV.
TotalEnergies owns a 36% stake in the Natref crude oil refinery in South Africa, the majority of which is owned by Sasol. The companies plan to upgrade the plant to produce low-sulphur diesel.
The sale process is underway and bids are expected to be submitted in the coming weeks, the people said.
Read: Mediclinic accepts £3.7bn offer from billionaire Rupert