The Board of PSG Group Limited (JSE:PSG) agreed to Spin-Off 28.11% stake in Capitec Bank Holdings Limited (JSE:CPI) ZAR 27.7 billion on May 27, 2020. Under the terms of the transaction, PSG Group Limited intends to distribute 32.5 million Capitec Bank Holdings Limited distribution shares to PSG Group Limited shareholders by way of a pro rata distribution in specie, in the ratio of 14 Capitec Bank Holdings Limited shares for every 100 PSG Group Limited shares held on the PSG Group Limited unbundling record date. As of August 10, 2022, PSG Group Restructuring has been approved by the shareholders of PSG GROUP.

The transaction is subject to the approval of PSG Group Limited shareholders and the TRP. As on July 30, 2020, the deal is approved by shareholders of PSG Group. UBS South Africa (Proprietary) Limited acted as financial advisor while Cliffe Dekker Hofmeyr and Davis Polk & Wardwell London LLP acted as legal advisors to PSG Group Limited.

PricewaterhouseCoopers Incorporated acted as accountant to PSG Group Limited.