An intriguing move
MARC HASENFUSS: Battle of the booze
I still think Capevin will be dismantled sooner rather than later, and possibly before the end of this year
Investment behemoth Remgro has fortified its stake in Distell, the producer of intoxicating brands such as Savanna, Hunter’s, Nederburg, Klipdrift and Amarula, to mention just a few. This has been done indirectly via Capevin Investments, the holding company that has a 26.77% stake in Distell as its only investment. Capevin’s share register for May shows that Remgro increased its shareholding from about 137m shares to almost 168m. This means Remgro’s stake in Capevin extends to 19% (from 15.6% previously), and by inference its stake in Distell moves through the 32% mark. It’s a most intriguing move. Readers will remember that late last year Remgro appeared to have been outbid by the Public Investment Corp (PIC) for the large shareholding that AB InBev inherited in the SABMiller takeover. Remgro, which had a preemptive right over SABMiller’s 26.4% stake in Distell, was largely expected to take up the shareholding and gain outright control of the liquor conglomerate. No details of the ...
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