Marc Hasenfuss Editor-at-large

It was widely expected that PSG Group’s next private education venture on the JSE would be the listing of its Impak distance-learning initiative. But when it comes to the adventurous PSG, it’s best to anticipate a curve ball. Still, news last week that Curro Holdings, PSG’s fast-growing private education arm, could list its fledgling tertiary operations separately on the JSE took many by surprise. The development, though, is likely to get shareholders in both the PSG and the Curro camps fidgeting excitedly in their seats. Giving consideration to a listing for the tertiary arm suggests that education visionary and Curro CEO Chris van der Merwe sees an opportunity to emulate the company’s rapid rollout of private schools in the tertiary space. Curro is one of the hottest stocks on the JSE, trading on a forward earnings multiple of more than 100 times. The market — mainly excitable retail investors at first — has been enthralled by the successful and increasingly profitable rollout of ...

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