Johann Rupert’s Remgro has significantly boosted its dividend.
Remgro, chaired by South Africa’s richest man, billionaire Johann Rupert, has upped its dividend substantially – despite a challenging economic environment.
Rupert, through Rupert Beleggings Proprietary Ltd, owns all 39 million unlisted B-shares in Remgro, while also holding approximately 7.5 million ordinary shares in the group .In its audited summary of consolidated results for the year ended 30 June 2023, the group said that the operating business environment was incredibly challenging due to load shedding, high inflation, geopolitical tensions, the decline in foreign investment confidence and more.
“With low levels of expected economic growth – combined with the breakdown of state infrastructure relating to energy, transport and logistics, and the slow pace of economic reforms to date – the urgency to address these issues cannot be overstated.” It also linked this increase to the higher interest income and foreign exchange gain realised with respect to the acquisition of an additional 5.4% indirect interest in Mediclinic.
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