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1940S 1950S 1970S 1980S 1990S 10 OVERVIEW OF BUSINESS | Company history 71 YEARS OF DOING BUSINESS 1990s During 1993, Rembrandt co- founded South Africa’s first 1940s cellular telephony company, Vodacom, which was eventually Remgro’s founding history disposed of in 2006 by VenFin goes back to the forties of Limited (VenFin). In 1995, the previous century when Rembrandt and Richemont the founder of the Group, consolidated their respective Dr Anton Rupert, established, tobacco interests in Rothmans the tobacco company Voorbrand, 1970s International, at the time the fore runner of Rembrandt world’s fourth largest cigarette Group Limited (Rembrandt) in In 1972, the overseas tobacco manufacturer, which was Johannesburg, South Africa. interests of Rembrandt were then delisted, and then in Rembrandt was incorporated consolidated in Rothmans 1999 merged these interests in 1948. International, which was listed on with those of British American the London Stock Exchange. Rembrandt thus entered the Tobacco plc (BAT), the world’s South African cigarette and Since the 1970s Rembrandt second largest cigarette tobacco industry in 1948 and expanded its interests outside producer. Since then the in the fifties ex panded abroad tobacco, wine and spirits with investment in BAT was held through the establishment of investments in various other through a joint holding company various international partnerships. economic sectors in South Africa, in which Rembrandt (Remgro’s amongst which were banking and predecessor) and Richemont Rembrandt’s interests in the wine financial services, mining, printing held 33¹/ % and 66²/ % and spirits industry also date ³ ³ and packaging, medical services, respectively. Following the back to the 1940s when Dr Rupert engineering and food interests. above restructuring, Rembrandt and Mr D W R Hertzog founded became a pure investment Distillers Corporation. holding company. 1980s The separation of local and overseas interests was effected in 1988 with the HISTORY1950s founding of Compagnie Financière Richemont AG Rembrandt was listed on the (Richemont) – a Swiss- Johannesburg Stock Exchange listed luxury goods group in 1956. that included brands such as Cartier, Dunhill and Mont Blanc which then also acquired a share in Rothmans International. www.remgro.com | Remgro Limited | Integrated Annual Report 2019 11 2017 2000 During October 2016 Remgro completed a rights issue The restructuring of Rembrandt for a total consideration of was advanced a step further R9 945 million, in order to have in September 2000 when the cash resources and flexibility South African holding structure, 2009 to capitalise on investment consisting of four listed During November 2009 opportunities. companies, was collapsed into Remgro and VenFin merged two listed companies, namely again, adding media and Remgro and VenFin. Following the technology interests to the restructuring, Remgro represented Group’s investments. Rembrandt’s established tobacco, financial services, mining and industrial interests, while the telecommunication and technology interests were housed in VenFin. 2008 During November 2008, Remgro unbundled its invest ment in BAT to its shareholders by way of an interim dividend in specie 2018 amounting to R55.2 billion. Following the BAT unbundling In July 2018, Remgro HISTORYthe Group’s remaining interests disposed of its 25.75% consisted mainly of investments shareholding in Unilever in banking and financial services, South Africa Proprietary printing and packaging, motor Limited (Unilever) in components, glass products, exchange for Unilever’s medical services, mining, Spreads business in petroleum products, food, wine Southern Africa, now and spirits and various other trade Siqalo Foods, for mark products. R7 000 million, as well as a cash consideration At 30 June 2019, the value of of R4 900 million. the unbundled BAT shares has increased to R102.2 billion. 2016 The combination of Mediclinic International Limited (Mediclinic) and Al Noor Hospitals Group plc. Remgro facilitated Mediclinic’s acquisition of a 29.9% stake in Spire Healthcare Group plc and subsequently participated in a Mediclinic rights issue..
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