DURBANVILLE headquartered private school venture Curro Holdings – which is controlled by PSG Group – is giving new meaning to the phrases “earning by learning.”Curro pushed revenue up 24% to R82m in the half-year to end June, while profits rose 27% to R259m.
There has been a flurry of corporate activity amongst Western Cape-based companies in the last few weeks with deals worth billions of rand being banked across a wide variety of sectors.
Stellenbosch-based private schools operator Curro Holdings is seemingly anticipating acceleration in its already rapid growth – so much so that the directors see the need to raise a batch of fresh capital again. This is the fifth time in just five years that the company – which is controlled by respected investment house PSG – has needed to tap its shareholders for additional cash.
AFTER a period of introspection, the PSG Group – the R15bn Stellenbosch-based investment house – looks ready to go on the offensive again. In June the company – regarded as one of the most adventurous (and one if the most successful) investors in SA – managed to raise R920m in a quick book-build exercise. PSG could have raised well over R1.1bn, but turned away investors that pitched too low for the new shares on offer.
Global Credit Ratings (GCR) has maintained the financial rating outlook of PSG Group (PSG) at an A level.This is according to Eyal Shevel, Head of the Corporate Sector at GCR, who says strong growth in the value of underlying businesses has seen the sum-of-the-parts valuation increase more than three-fold over the five-year review period to R17.3bn at 1H F14.