Increase in BAT share price lifts Reinet
By Robert Laing - Jan 24th 2018, 10:21
Reinet Investments’ share price rose 8.5% to R289.99 on Wednesday after issuing its December quarter management statement.
On Tuesday, the investment holding company chaired by Johann Rupert reported its net asset value grew by 5.5% to €5.7bn at December 31 from €5.4bn at September 30, mainly due to an appreciation in British American Tobacco’s (BAT’s) share price over the quarter.
In Wednesday’s statement, Reinet said its holding in BAT grew by 6.4% over the quarter to €3.8bn. This caused the slice of BAT in Reinet’s overall portfolio to widen to 67.3% from 66.8%.
Reinet holds 68.1-million BAT shares, representing nearly 3% of BAT’s shares in issue.
Reinet’s next biggest holding is Pension Insurance Corporation Group whose value increased by 6.6% to €1.29bn, representing 22.6% of the investment holding company’s total portfolio.
The management statement listed numerous deals Pension Insurance Corporation completed during the quarter.
Reinet’s investment in Trilantic Capital Partners declined by 7.9% to €197m over the quarter, accounting for 3.5% of the total portfolio.
"The decrease in the estimated fair value is due to capital distributions received in the quarter of €8m and the weakening of the US dollar against the euro, offset by capital contributions of €2m and increases in the estimated fair value of underlying investments," the management update said.
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