PSG Group to distribute 32 million of its Capitec shares to shareholders
PSG Group will retain 4.3 percent stake in Capitec through its PSG Financial Services subsidiary.
PSG Group has announced that it will distribute over 32 million of its Capitec total issued share capital to shareholders.
The group said in a statement that the unbundling would result in it retaining a 4.3 percent stake in Capitec through its subsidiary PSG Financial Services, and attributed it to new legislation that may potentially deem PSG to be a financial “conglomerate”.
PSG also said that the unbundling may unlock value for the group’s shareholders given the substantial discount at which PSG Group shares traded.
Read more: Capitec CFO André du Plessis sees no material impact from PSG unbundling