April 29 (Reuters) – Investment holding firm PSG Group Ltd said on Wednesday it was “seriously considering” separating its stake in Capitec Bank to avoid an increase in administrative burden under a new legislation that may deem it a status of financial conglomerate.
PSG Group is the largest shareholder in Capitec Bank, with a near 31% stake. PSG has a market capitalisation of ZAR 36.92 billion ($2.00 billion).
($1 = 18.4924 rand)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)
This article was first published on Reuters Africa https://af.reuters.com/article/commoditiesNews/idAFL3N2CH1W4 and is republished with its permission.
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