Table of Contents
Key Points
- Remgro to unbundle eMedia Holdings shares worth $3.29 million, giving investors direct exposure to South Africa’s top private broadcaster.
- Deal simplifies ownership by consolidating eMedia Holdings’ stake in eMedia Investments through share subscription and swap with Venfin.
- Unbundling follows Remgro’s 2024 earnings jump to $200.53 million, reinforcing Johann Rupert’s push for transparency and long-term value creation.
South Africa’s richest man, Johann Rupert, is preparing to hand shareholders a more direct slice of the country’s media landscape. His investment firm, Remgro Limited, plans to unbundle its shares in eMedia Holdings, the company behind television network e.tv.
The move is part of a deal involving Remgro, eMedia Investments, and Venfin—another Rupert-linked firm. At its core, the transaction aims to simplify ownership, tighten eMedia Holdings’ control over its main media assets, and deliver more immediate value to Remgro shareholders.
How the deal works
According to a recent SENS filing, Venfin will subscribe to 18.31 million eMedia Holdings N shares at R3.25 ($0.18) per share, totaling R59.5 million ($3.29 million). Venfin will also swap 17.73 million shares in eMedia Investments for 220.16 million additional eMedia Holdings N shares.
These shares—both those newly subscribed and those received in exchange—will then flow through a multi-step process: from Venfin to its subsidiary Venfin Interco, then to Remgro, and finally to Remgro’s shareholders.
The result is a more consolidated structure, with eMedia Holdings strengthening its stake in eMedia Investments and Remgro investors gaining a more direct link to one of the country’s top media groups.
Built-in protection for investors
To protect against delays, the deal includes a clause that allows eMedia Holdings to repurchase up to 18.31 million shares if the final step of the unbundling isn’t completed within 20 business days after closing.
This safeguard offers a level of flexibility in case of unforeseen challenges, especially as South Africa’s media industry continues to shift in response to digital trends and industry consolidation.
The announcement comes on the heels of a strong financial performance by Remgro in the 2024 fiscal year. Revenue rose 3.86 percent to R26.39 billion ($1.42 billion), while headline earnings climbed 39 percent to R3.73 billion ($200.53 million).
That performance was driven by solid returns across the group’s portfolio, despite some write-downs tied to Mediclinic and Heineken Beverages.
Part of Rupert’s ongoing strategy
Remgro, founded in the 1940s by Anton Rupert, has grown into a wide-reaching investment company with stakes in healthcare, banking, telecoms, and media. Today, Johann Rupert—who serves as chairman and holds 42.91 percent of the voting rights—is using the same patient, long-game approach that has shaped the company for decades.
Unbundling eMedia Holdings is consistent with Remgro’s recent efforts to simplify its structure and give shareholders more direct ownership in its underlying businesses. For investors, it’s a move that improves transparency and liquidity while potentially offering stronger long-term returns. It’s also a reminder of Rupert’s style: focus on clarity, unlock hidden value, and keep reshaping the business to meet changing market expectations.
