In the second week of March, Africa’s second richest man, Johann Rupert, through Remgro, his investment firm, sold 52 million shares (worth a little over $200 million) in one of Africa's largest listed financial services groups, FirstRand.

A recent report shows that the South African billionaire has doubled down on divesting his holdings in the bank, selling its remaining 39,603,406 FirstRand shares for R3.6 billion ($218,531,484.00), tagging it a non-core investment.

Remgro has been engaged in a divestment strategy over the past six years.

This transaction further advances this scheme, as the firm reallocates its capital toward private assets.

Prior to this, as reported by BusinessTech, Remgro was directly exposed to 3.92% of FirstRand's market capitalization.

FirstRand has a market capitalization of more than R500 billion and is the owner of FNB, RMB, and WesBank.

The investment firm sold its residual interest in FirstRand to a holding of 1.64% before the end of the prior fiscal year.

In March, Remgro sold nearly 52 million FirstRand shares for R4.88 billion ($296 million) as the company stood at a R509 billion market cap.

The rationale for this sale, which was divested at an average price of R93.87 per share, according to the company, was to bolster its strategic cash reserves and its capital allocation framework.

“The proceeds from the disposal add to Remgro’s strategic cash resources, which are managed in accordance with its capital allocation framework,” Remgro said at the time.

In 2020, Remgro decided to start selling some of its shares, starting with its 28.2% position in RMB interests.

JSE-listed assets accounted for 77% of Remgro's portfolio that year.

The company decided to establish a portfolio of highly distinctive and compelling exposures.

Following the bankruptcy of RMI Holdings, the firm that formerly controlled Remgro's insurance assets, OUTsurance became public in 2022.

Additionally, in June 2023, the company, in collaboration with Mediterranean Shipping Company SA, delisted Mediclinic International.

In January 2026, Johann Rupert’s Richemont Group sold Swiss watchmaker Baume & Mercier, one of the world’s oldest continuously operating luxury timepiece brands.

Remgro dates back to the Rembrandt Group, established by Anton Rupert.

Anton’s son, Johann Rupert, now serves as the corporation's chairman.

In 1988, Rembrandt underwent a major restructuring, resulting in the separation of its international interests into Richemont, while Remgro retained the South African assets.

The Rupert family maintains a controlling interest of over 40% in the company through their ownership of all unlisted B shares. (Business Insider Africa, excluding headline)