November 13, 2008 / 6:06 AM / 10 years ago

UPDATE 1-British American Tobacco to be dropped from JSE Top-40

* BAT dropped from JSE Top-40 index from Nov 17

* Included for a short period

(Adds JSE quote, details)

JOHANNESBURG, Nov 13 (Reuters) - British American Tobacco (BAT) (BTIJ.J) will be dropped from the JSE Top-40 Index .JTOPI of blue-chips from Nov 17, the Johannesburg Securities Exchange (JSEJ.J) said on Thursday.

“The reason for that is BAT is an inward foreign listing classified by the reserve bank. So, as such we don’t include it in the indexes,” Jannie lmmelman, JSE’s general manager for information systems, told Reuters.

“However to make sure that portfoilio managers can balance to their portfolios we included BAT for a short period until Reinet rights (issue) have been soughted out.”

Reinet REIJ.J is the investment company spun off from Richemont SA as part of a restructuring aimed at making the Swiss firm a pure luxury goods specialist. It started trading depositary receipts in Johannesburg on Oct.

BAT made its debut on the Johannesburg stock exchange on Oct 28, becoming the largest blue-chip by market value after a restructuring.

BAT sought a secondary listing in Johannesburg as part of a restructuring under which Richemont CFR.VX and Remgro (REMJ.J) spun off their combined 30.1 percent stake, a move that made the Swiss firm Europe’s second biggest pure luxury specialist.

BAT shares, which have their main listing in London (BATS.L), (Reporting by Gugulakhe Lourie)

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