Remgro to sell stake in TotalEnergies SA

South African billionaire Johann Rupert’s investment vehicle, Remgro, is planning to sell its stake in the local unit of energy giant TotalEnergies SE, according to people familiar with the matter.

Read: Is Remgro planning its exit from the JSE?

Remgro’s 25% holding in the arm of the Paris-based company, which owns refining operations and gasoline stations in South Africa, has a book value of R2.5 billion, according to a 2021 results statement.

Remgro declined to comment, Total did not respond to e-mailed questions.

Remgro is reshuffling its portfolio, most recently buying out the part of hospital operator Mediclinic International it didn’t already own. The shake-up also included the sale of Grindrod’s banking unit and the disposal of about a 30% stake in wine and spirits maker Distell Group Holdings to Heineken.

Read: Distell to disappear from the JSE

TotalEnergies owns a 36% stake in the Natref crude-oil refinery in South Africa, with the majority held by Sasol. The companies plan to upgrade the plant to produce low-sulfur diesel.

The sale process is underway with bids expected to be submitted within the coming weeks, said the people.