Johann Rupert’s company, Reinet Investments, has completed the sale of its stake in Pension Insurance Corporation Group (PIC) for GBP 2.9 billion (around R66 billion), increasing the company’s pile of cash.
Reinet sold its 49.5% share in PIC to Athora UK Holding.
The deal forms part of a broader transaction that includes shares held in PIC by Abu Dhabi Investment Authority, CVC Capital Partners, HPS Investment Partners, as well as employees and other shareholders.
Reinet is managed by the Ruperts as general partners, with Johann Rupert acting as the company’s executive chairman.
It is one of the three large holding companies with large Rupert influence, alongside luxury goods giant Richemont and South African-focused Remgro.
PIC was founded in 2006 in the UK and focuses on secure, socially beneficial investments.
By the end of 2024, it had investments worth £50.9 billion (R1.2 trillion) and managed the pensions of slightly under 400,000 policyholders.
The Prudential Regulation Authority and Financial Conduct Authority of the UK have already granted their approval for the change in control arising from the acquisition of PIC.
The sale of PIC comes shortly after Reinet sold its shares in British American Tobacco (BAT) despite the company’s history with tobacco.
The Ruperts’ wealth was built on tobacco, with Anton Rupert establishing the Voorbrand Tobacco Company roughly 80 years ago.
Voorbrand Tobacco Company would become Rembrandt and would play a large role in the country’s tobacco industry.
Reinet was created in 2008 to house the group’s share in BAT and several other investments.
In early 2024, Reinet held over 48 million shares in BAT, but these were sold in late 2024 and early 2025, resulting in gross proceeds of €1.6 billion (around R32 billion).
Cash pile
The sale of PIC adds to the company’s €2.1 billion (R41 billion) pile of cash, as seen in its latest financial results.
With the PIC sale, this cash pile now stands at roughly R107 billion.
In its latest results, Reinet said that a cash reserve is crucial in uncertain times and has maintained relationships with numerous highly rated banking institutions.
The large pile of cash has been a key selling point for investors in South Africa, with many hoping for a cut.
Renowned hedge fund manager Jean Pierre Verster of Protea Capital Management said the billionaire may call it a day and close Reinet, which could lead to a special dividend during the unwinding.
With the sale, over 80% of Reinet’s net asset value is in cash and liquid funds, as per the latest financial results.
