Investment conglomerate Remgro has again experienced a scintillating performance from its strategic holding in fibre optic cable specialist Dark Fibre Africa (DFA). Remgro holds a 51% stake in Community Investment Venture Holdings (CIV), which has DFA as its main operating asset. Three-quarters of the company’s intrinsic value is tucked up in JSE-listed counters such as Mediclinic International, RMI, Distell, FirstRand, RCL Foods and Grindrod. In an investment presentation on Thursday, Remgro CEO Jannie Durand said the group was pleased with the performance of DFA, which was only launched in 2008 as a start-up company. DFA pumped up turnover 37%, to R1.63bn in the year to end-March with earnings before interest, tax, depreciation and amortisation (ebitda) 24% higher at R1bn. DFA’s contribution to Remgro’s headline earnings was up 72%, to R110m. The intrinsic value of Remgro’s investment in CIV and DFA was increased more than 50%, to R4.8bn. Durand said the improved performance by DF...
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