Investment holding stocks have been largely out of favour on the JSE, and discounts for even the bluest of blue chips have widened. Not even Stellenbosch royalty PSG Group has been spared. In fact, it has been hit harder than most because of its heavy exposure to and asset valuation weighting at Capitec Bank, where it holds 32%.With the discount to the sum of the parts having widened materially in the past 18 months to hit a low of nearly 40%, the bulk of the minority investments held within PSG Group, many of which are JSE-listed, have been valued by the market at nothing.Stocks such as education interests Curro Holdings and Stadio Holdings, financial services business PSG Konsult and agricultural holdings company Zeder Investments were ignored by the market.In May some excitement was generated when PSG Group issued a vague cautionary stating it was considering a corporate transaction. Speculation centred on Capitec and on under-performing Zeder Investments.Zeder had fallen to a po...

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