Johann Rupert has been selling assets, raising cash and reshaping his investment empire at a pace that few South African holding companies have matched in recent years. Investors are watching all of it and asking one question: why is Remgro still trading at such a steep discount?
Remgro, the JSE-listed investment vehicle chaired by South Africa's richest man, is trading at roughly 46 below its intrinsic net asset value. The group's intrinsic NAV per share stood at R292.34 at the end of June 2025. The share price at the time was R158.20. That gap translates to approximately R38 billion, or around 2.3 billion, in value that the market is not giving Remgro credit for.
It is not a new problem. The discount has hovered near 46 for two consecutive years. But it is sharpening as a concern for investors precisely because Remgro has been doing so much, and the gap has not meaningfully closed.
