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Remgro Limited, the South African investment holding company chaired and controlled by billionaire Johann Rupert, has received a green light from the Competition Commission for a restructuring that will hand eMedia Holdings Ltd. complete control of eMedia Investments, the company behind broadcaster e.tv and satellite platform Openview.
The watchdog recommended unconditional approval, describing the transaction as an internal reshuffle that raises no competition or public-interest concerns.
EMH consolidates EMI ownership
eMedia Holdings (EMH), listed on the Johannesburg Stock Exchange and controlled by Hosken Consolidated Investments (HCI), already owns 67.7 percent of eMedia Investments (EMI). The balance is held by VenFin, an investment firm linked to Rupert and created in the 2000 restructuring of the Rembrandt empire.
Under the agreement, VenFin will exchange its EMI shares for new EMH stock, which will then be distributed to Remgro shareholders. Should that not happen, EMH has the right to repurchase the shares for up to $4.4 million. The restructuring consolidates EMH’s grip on EMI, allowing the listed company to direct long-term strategy and improve liquidity in its shares.
EMI owns a portfolio of South African media and production assets including e.tv, Platco Digital (operator of Openview), eSat TV, Yired, Sasani Studios, and eMedia Properties. The deal boosts EMH’s public float, increasing exposure for investors to one of South Africa’s most influential media groups. For Rupert, the move follows Remgro’s earlier unbundling of its EMH stake, another step in a wider effort to streamline structures and unlock value.
Remgro’s momentum
Founded in the 1940s by Rupert’s father Anton, Remgro has evolved into one of South Africa’s largest investment groups with holdings across healthcare, consumer goods, insurance, industrials, infrastructure, media and sports. With a net worth of $15.6 billion, Johann Rupert, who also chairs the company, holds more than 40 percent of voting rights, remains the country’s richest man.
Remgro’s 2024 financial results underscore the billionaire’s strategy of patient restructuring. Revenue climbed 3.9 percent to R26.39 billion ($1.42 billion), while headline earnings surged 39 percent to R3.73 billion ($200.5 million). The performance was lifted by solid returns across the portfolio, offsetting write-downs tied to Mediclinic and Heineken Beverages.
The Competition Commission’s approval cements EMH’s control of EMI, tightening Rupert’s influence in the media landscape while giving shareholders clearer, more liquid exposure to South Africa’s fast-shifting broadcast market.
