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Cape Town - Two heavy-hitting Remgro executives have been appointed to the board of JSE-listed liquor investment company CapeVin Investments.
Remgro recently joined fellow Stellenbosch-based investment company PSG (via Zeder Investments) as the most influential shareholder in CapeVin Investments.
On Friday CapeVin Investments announced that Remgro CEO Thys Visser and Jannie Durand, the chief investment officer of Remgro, had been appointed to the board as non-executive directors with immediate effect.
Visser and Durand are the first new appointees to a board that was reconstituted in July last year following KWV Limited's unbundling of its liquor manufacturing operations and strategic stake in Distell.
PSG is represented on the board by Jan Mouton and Chris Otto (who serves as CapeVin's financial director).
CapeVin Investments holds a significant minority share in Stellenbosch-based liquor manufacturing giant Distell as its sole investment.
'Good move for shareholders'
Remgro, which also holds 29% stake directly in Distell, has recently been involved in a series of deals that have pushed its stake in Capevin Investments and CapeVin Holdings (an unlisted company which owns about 50% of CapeVin Investments).
Last year Remgro acquired a 9.6% stake in CapeVin Investments from KWV, and then bought another 6.7% interest CapeVin Holdings from empowerment group Phetogo.
A recent mandatory offer - sparked by the Phetogo deal - saw Remgro picking up another 6 500 CapeVin Investment shares and almost 9 million CapeVin Holdings shares.
The fact that Remgro now has two of its key executives (with observers predicting that Durand could be Visser's successor as CEO) on board at CapeVin Investments was deemed significant by market watchers.
Although neither Visser nor Durand was immediately available for comment, Opportune Investments' Chris Logan told Fin24.com that the appointments gave substance to the market's anticipation of value unlocking in the CapeVin structures.
"The appointment of Visser and Durand is a very good sign for shareholders," Logan said.
- Fin24.com
*The writer holds shares in Remgro.
