Investment heavyweight PSG Group flagged a 20% drop in the value of its underlying assets, reflecting relatively weak equity markets in an economy that was trapped in one of its longest recessions in decades.

PSG, which has grown rapidly from a small venture capitalist-style investment holding company in 1995 into a R11bn must-have in fund managers’ portfolios, said the sum of its parts was likely to be R75.86 per share in the six months to the end of August compared with R94.44 a year earlier...

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