Johann Rupert considers selling R22-billion stake in fibre networks

Jamie McKane

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Johann Rupert considers selling R22-billion stake in fibre networks

Johann Rupert, the billionaire who controls luxury-goods giant Richemont, is considering selling stakes in two South African fibre networks valued at as much as $1.5 billion (R22-billion), people with knowledge of the matter said.

The tycoon is working with an adviser to gauge interest from potential investors in buying stakes in Vumatel Pty and Dark Fibre Africa Pty, according to the people, who asked not to be identified because the information is private.

[Bloomberg]
 

Swa

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Is this a sign that serious investors have lost faith in the South African economy and politics? :eek:
Hope not. But I'd love for someone with deeper pockets to take over Vumatel and make them more competitive.
 
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pinball wizard

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Is this a sign that serious investors have lost faith in the South African economy and politics? :eek:
Depends on who buys it I guess. If it's a standard business transaction at a proper price then all good. The businesses in question are all profitable, so no need for panic just yet.
 
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hj007

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Rupert is taking his money out it seems. He's unbundled his RMBH and FirstRand stakes, now this. Wonder what he'll use the proceeds for overseas?
 

Jopie Fourie

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Yep, he is dropping everything related to SA it seems. But, that being said, YOU should have done this years ago. He should have been one of the last to take a knock. He can afford it.
 

jambai

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Is this johann Rupert saying he don’t see a future or is he cashing while still value or does he have another opportunity perhaps . Highly doubt in sa . Remember cashed out rmb first rand holdings last week - or to create value that is trapped in discount to nav .Rupert is one of sa best investors . Look at remgro . Not many bad businesses in that stable
 

Rhein

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The self-styled Afro-optimist doesn’t believe he’ll stay in the country if things don’t change drastically. "I’ve told some in government and the ANC in private as much: if Sars ever again tries to sabotage me … I have been by far the highest individual taxpayer in this country for the past 20 years. Our family companies are the biggest payers of dividends from outside into the country, more than what the rest of the JSE does combined," he says.
 

ponder

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Depends on who buys it I guess. If it's a standard business transaction at a proper price then all good. The businesses in question are all profitable, so no need for panic just yet.
Rumour has it gov is gonna buy it with PIC funding...
 

MidnightWizard

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"The French gave me the Légion d’honneur; I’ve created job opportunities; I pay my taxes; I give away money. You’d think people would say ‘thank you’, not ‘eff-you’. I’m sick and tired, and Afrikaners aren’t any better than Bell Pottinger, mind you. My heart is here, but my body will be overseas. I don’t want to hear day and night about what we, the Rupert family, allegedly did wrong. That’s the main reason [for wanting to leave]," he says.

Johann Rupert: Why SA is on the verge of an IMF bailout

Perhaps he should have studied a little more closely EXACTLY what it was his buddie Henry Kissinger was doing -- here in Africa !
 

yebocan

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Totsiens Johan, voorspoed - the nexus of political and capital power, that you were so use to , and seem to crave... was never going to be akin to pre-94, especially for your people, reality, fact. Baroness Karen Christenze von Blixen-Finecke penned the best farewell, in saying goodbye to Africa : "I once had a farm in Africa..."
 
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