The sizeable discount the market places on the sum-of-the-parts (SOTP) value of Hosken Consolidated Investments (HCI) was the big discussion point at the empowerment company’s annual general meeting on Tuesday. HCI is anchored by its controlling stake in gaming and hotel group Tsogo Sun but also holds influential stakes in alternative gaming group Niveus, industrial conglomerate Deneb, broadcast group e-Media, as well as smaller interests in coal mining, oil and gas exploration and transport. HCI was trading at about R130 at the time of the meeting, a substantial discount on the R159 per share net asset carrying value of its portfolio and an estimated R214/share SOTP. Opportune Investment CEO Chris Logan said HCI’s shares offered a roughly R7bn discount on the underlying value of the investment portfolio — "a huge discount … surely there is a big opportunity to unlock value". HCI CEO Johnny Copelyn conceded the company’s shares had not performed in line with the underlying businesse...

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