South African billionaire Johann Rupert's Reinet buys back $15.6 million in shares

South African billionaire Johann Rupert’s Reinet Investments has repurchased 594,605 shares for R259.2 million ($14.7 million), taking the total amount spent under its latest buyback programme to R1.67 billion.

The shares were purchased on the Johannesburg Stock Exchange between September 28 and October 2 at an average price of R435.91 each, according to Reinet’s October 6 announcement.

The latest transaction brings the number of shares repurchased under the programme to 3.83 million, with total spending reaching R1.668 billion, excluding transaction costs. 

Reinet’s current programme was approved in August and allows the company to repurchase up to €250 million of its shares, subject to a maximum of 8 million shares. The programme runs from August 18 to December 15, 2026, at the latest.

The buyback forms part of Reinet’s broader plan to return value to shareholders. The company said repurchased shares may also be used for legitimate purposes, including as consideration for acquisitions. 

Rupert is Reinet’s executive chairman and holds about 26% of the investment company, according to Forbes. His fortune was estimated at $16.1 billion as of September 30, making him one of Africa’s wealthiest individuals.

Reinet was created through the restructuring of Swiss luxury group Richemont and invests through its wholly owned Reinet Fund. Its shares are listed in Luxembourg, Amsterdam and Johannesburg.

The latest repurchase gives Reinet shareholders another update on the pace at which the company is deploying the capital allocated to its ongoing buyback programme.