Reinet Investments SCA on Tuesday agreed to sell its entire shareholding in British American Tobacco PLC to institutional investors, netting £1.22 billion.
The Luxembourg-based investment vehicle will sell 43.3 million shares in BAT at £28.20 each following accelerated bookbuild process, which commenced on Monday. Placing shares represent approximately 1.96% of BAT’s share capital.
Reinet, which has a market capitalisation of €4.30 billion, intends using the proceeds from the share placing for its ongoing investment activity. BAT will not receive any proceeds from the placing, it said.
Following the settlement and completion of the placing which is expected to take place on Thursday, Reinet and its subsidiaries will have fully exited their position in BAT and will no longer hold any interest in BAT.
Reinet also owns interest in entities like Pension Insurance Corp Group Ltd, and Prescient China funds.
As at September 30, 2024, Reinet’s interest in BAT comprised 24% of the net asset value of Reinet, being about 48.3 million BAT shares.
Reinet expects to announce net asset value of its subsidiary Reinet Fund SCA on or about Thursday next week.
Separate from the placing, during November and December 2024, said its indirect subsidiary, Reinet Jersey Holdings Ltd, sold 5 million BAT shares through a ‘dribble-out’ process on the London Stock Exchange, realising gross proceeds of some £148.5 million.
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