Cape Town - Paladin Capital, PSG's preferred investment vehicle, has bumped up its stake in Curro, a private education venture, to 76%.
In releasing results for the year ended February on Tuesday, Paladin, which already owned 50% of Curro, disclosed the purchase of a further 26% stake for R52m.
The latest transaction infers a value of around R200m for Curro, which operates private schools in Durbanville, Roodeplaat, Hazeldean and Langebaan.
Curro, which has set a medium-term target of opening 15 schools around SA, is set to open schools in Hermanus and Bankenveld next year.
Paladin has also helped Curro to secure a R73m ten-year, fixed rate loan facility from the International Finance Corporation.
Paladin reported that the intrinsic value of its portfolio had leapt 140% to R1.17bn. With additional shares in issue following Paladin's listing on the AltX in September last year, the increase in intrinsic value on a per share basis was 65% to 203c/share.
Paladin holds 13 investments. These include other investment companies (Thembeka and Spirit), service companies (CIC, IQuad and African Unity), mining/construction interests (Precrete, Petmin, Erbacon and Topfix), manufacturing (GRW, Lesotho Milling and Protea Gietery) and education (Curro).
It reported that its most recent intrinsic value estimation, which is after the financial year end, was 212c/share.
That means Paladin's shares, which closed at 230c on the JSE on Tuesday, are trading at a premium to the last stated intrinsic valued.
It's unusual for an investment company to trade at a premium to the underlying value of its investments, unless the market is certain the company is markedly undervaluing one if its unlisted investments.
-Source Fin24.com
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On Saturday, 24th January 2015, the ’Ibaad-u-Ragmaan Qadiri Jamaa’ah will celebrate Milad al-Nabi with worshippers at the Langebaan Mosque. Milad al-Nabi marks the birthday of the honourable Prophet Muhammad (May the Peace and Blessings of God be upon him).
Everyone is invited to the celebrations. Refreshments will be served to the large crowd that is expected. Events will involve the formal Islamic prayer, the completion of an entire reading of the Undeniable Qur’an and the Qadiriyyah dhikrullah.
The Qadiriyyah dhikrullah is a set of litanies that is connected with the 11th-century Muslim sage, al-Sultan al-Awliya al-Ghawth al-’Adham Sayed ’Abd Al-Qadir al-Jilani.
The Qadiriyyah Sufi Order was the first order of Islamic spirituality and took its name from Sayed ’Abd Al-Qadir al-Jilani (May God Be Pleased with him).
For bus tickets to the Langebaan Masjid, please telephone Haji Bienjamien Abrahams at home telephone number +27 (0)21 593-6585, or at cellular telephone +27 (0)827728381. His address is 10 6th Street, Kensington 7405, Western Cape, South Africa.
To learn more about this occasion, please call the Langebaan Masjid secretary, Haji Mogamat Ardiel Allie of 11 Robben Street, Langebaan 7357, Western Cape, South Africa, at telephone number +27 (0)21 797-2805, or at cellular telephone number +27 (0)837143309.
Interested persons may speak to Haji Mogammad Shawwal Nakidien of 66 Comet Road, Surrey Estate 7764, Western Cape, South Africa, at telephone +27 (0)21 633-5330.
A contact person is Haji Mogamat Rafaat Saffodien of 17 Aalwyn Street, Langebaan 7357, Western Cape, South Africa, cellular telephone number +27 (0)768872354.
For further information, please speak to Haji Raashied Conrad of 84 Schaap Road, Schaapkraal 7941, Western Cape, South Africa, at telephone +27 (0)21 704-5614 (office), or at cellular telephone +27 (0)832309365.
Another person to talk to is Haji Mogamat Faiz Isaacs. He stays at 48 Tennyson Street, Mandalay 7785, Western Cape, South Africa; home telephone number +27 (0)21 387-2737, or at cellular telephone number +27 (0)799153206.
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