PSG is facing a growing crescendo of calls from shareholders to unbundle Capitec Bank, a company in which it holds a comparatively modest 30.7% stake but which is by far the most successful investment in its portfolio.

The crux of the matter is PSG’s own sum-of-the-parts valuation, which — according to calculations on its website — values the Capitec stake at just over R50.2bn, or 72% of the group’s total value...

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