The late Thys Visser Set the strategy now being followed

Durand has quietly continued to push up Remgro’s stake in a variety of counters such as fibre optics specialist Dark Fibre Africa and empowerment investment company Kagiso Tiso Investments.

Last week Remgro’s 100%-owned sugar business, TSB, was ushered into RCL. This deal, in which Remgro received settlement in new RCL shares, not only means a considerable sweetening of the food brands offering but also triggers a rights issue that underlines serious growth ambitions.

Durand, however, is keen to play down his role in Remgro’s new investment push. “You must remember that when I was appointed CIO of Remgro, I was already tasked with looking at new investments, which I did in conjunction with Thys and chairman Johann Rupert. What has transpired at Remgro has been part of a long-term plan set in motion when Thys was still CEO.”

Durand says he does not feel the pressure of market expectation with Remgro’s discount narrowing. “If I concentrated on the share price and market discounts, I’d be in a lot of trouble.”

He offers a plausible explanation for the much narrower market discount on Remgro’s intrinsic investment value: the emergence of substantial international shareholders on the company’s share register.

He estimates that as much as 20% of Remgro’s issued shares may now be in foreign hands. “International investors have a different philosophy on investment companies, and sometimes are prepared to see a share trade at a premium to underlying value.”

Few investment companies on the JSE,