By the end of this year – if all goes according to plan – as many as three JSE-listed investment holding companies will be no more. PSG Group surprised the market on March 1 with the announcement that it would unbundle all of its holdings to shareholders and take what remains private. The pre-eminent investment holding company of the JSE in the last two decades would no longer be listed.
If this trend continues there will soon be precious few listed holding companies on the market. Aside from the many reasons highlighted by PSG Group in recent years as to why investment holding companies are trading at large discounts to NAV, CEO Piet Mouton also presented a new one: the so-called “tax trap”. If PSG had to sell all its investments and distribute cash to shareholders, the capital gains tax payable would be approximately R3.
I refuse to believe the end in era of investment holding companies even if psg does delisting
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