Hosken Consolidated Investments (HCI), the black empowerment investor with stakes in Tsogo Sun Hotels and Tsogo Sun Gaming, reported a strong turnaround in its fiscal first half-year, though it continues to be bedevilled by a share price that trades at a glaring discount to its net asset value (NAV).  

Like other investment holding companies — even those at the scale of Naspers and Prosus — HCI’s total market capitalisation is worth less than the combined value of its underlying assets, which extend beyond gaming and leisure and include majority holdings in Frontier Transport and eMedia Holdings...

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