The news that PSG was considering unbundling all, or a part, of its 30% stake in Capitec was widely welcomed by the market as a way of forcefully addressing the persistent and growing discount the investment holding company was trading at relative to the cumulative value of its underlying investments.

Two weeks ago, when PSG reported results for the year ending February, Capitec accounted for 74% of the listed holding  company founded by investment doyen Jannie Mouton, whose bet on high-growth companies challenging established businesses in finances and private education turned the 25-year company into one of the must-haves in fund managers’ portfolios...

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