South African billionaire Johann Rupert’s investment company Reinet has revived its €500 million ($5.8 billion) share buyback programme after shelving a major acquisition it had spent months evaluating, leaving investors wondering how it will deploy one of the largest cash reserves among listed investment firms.
The Luxembourg-listed company said it would not proceed with the potential investment “in the immediate future”, ending a self-imposed closed period that had prevented it from repurchasing its own shares. The decision clears the way for Reinet to resume buying back stock after weeks of inactivity.
The move comes after a dramatic reshaping of Reinet’s portfolio over the past two years.
The investment firm now holds around €5.5 billion ($6.4 billion) in cash and liquid assets following the sale of its two long-standing cornerstone investments, its stake in British American Tobacco and nearly half of Pension Insurance Corporation (PIC).
Those disposals transformed Reinet from a concentrated investment vehicle into one of Europe’s most cash-rich listed holding companies.
