Stellar hints at a new focus

Investment company Stellar Capital Partners — in which retail tycoon Christo Wiese holds an influential stake — has hinted at focusing on its financial services investments in future. Directors’ comments with interim results released on Monday confirmed it was determined to reduce its exposure to the industrial sector in a "practical and organised process". The company trades at a sizeable discount to its sum-of-the-parts (SOTP) value, which was stated as 112c a share at the end of 2017. A daily updated SOTP value on Stellar’s website shows a figure of 111c a share compared with a share price of 63c. Stellar holds a 57% stake in JSE-listed Torre Industrial and 49% stake in technology solutions group Tellumat as well as 100% of electronic security products manufacturer Amecor. The industrial investment portfolio endured mixed fortunes in the six months to end December, with Torre’s value slipping from R435m in June 2017 to R293m. Amecor, which was previously listed on the JSE, enjoye...