South African tycoon Josua Malherbe’s investment in Remgro has taken a knock, with its market value dropping by $2.5 million. Remgro’s shares have fallen more than 24% since the beginning of the year, reflecting investor concerns over the company’s dismal half-year financial results.
Malherbe’s Remgro shares have declined by R47.35 million ($2.49 million) in the last 82 days, owing to the company’s sustained decline in share price on the Johannesburg Stock Exchange (JSE).
Remgro Limited, a South African investment holding firm established by the Rupert family in the 1940s, with a diverse portfolio that includes banking, financial services, packaging, glass goods, medical services, mining, petroleum, drinks, food, and personal care.
Remgro reported a 40.1% decline in headline earnings in the first half of the 2023 fiscal year, from R3.53 billion ($187.7 million) to R2.11 billion ($112.2 million). However, the company’s revenue increased by 5.2 percent, to R25.41 billion ($1.35 billion).
Remgro’s shares have decreased 24.7 percent year to date, from R162.48 ($8.56) to R122.2 ($6.45) as of the time of this article. As a result, the company’s market value has fallen below $3.5 billion, resulting in losses for investors such as Malherbe.
Josua Malherbe, Remgro’s non-executive co-deputy chairman, is one of the company’s top individual shareholders, holding 1,178,995 ordinary shares.
Since January 1, Malherbe’s investment in Remgro has decreased by R47.35 million ($2.50 million) due to the recent reduction in its share price.
His ownership has decreased from R191.56 million ($10.09 million) to R144.21 million ($7.59 million). Despite this downturn, Malherbe remains one of South Africa’s most prominent business leaders.
