Long-suffering shareholders in unlisted liquor group KWV Holdings will be cheered by the news that the sale of the company’s operating assets to Vivian Imerman’s Vasari has finally been concluded. Asset-rich but operationally poor, KWV has been a test of endurance for the many investors that lived in hope that the underlying value — sometimes discounted as much as 60% by the over-the-counter share price — would eventually distil into rich returns. So there was probably a collective sigh of relief when Niveus Investments, the Hosken Consolidated Investments (HCI)-controlled holding company for KWV, reported last Friday that the R575m cash portion of the R1.15bn disposal consideration, as well as the fully executed bank-guaranteed promissory notes, had been received from Vasari.

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