JOHANNESBURG Oct 12 South African investment
holding company PSG Group wants to invest some of its
1.7 billion rand ($123 million) cash in private universities in
the country, the company's chief executive said on Wednesday.
PSG's existing investments include a 58 percent stake in
Curro Holdings, South Africa's largest private
education group with primary and high school facilities on 47
"We currently have 1.7 billion-rand cash available for
further investments in our existing portfolio and one or two
smaller green field businesses," Mouton told Reuters after the
company reported half-year results.
Some of the cash could be deployed through Curro, which will
increase its teachers' colleges to three from one, while PSG's
private equity arm would handle its other investments in the
education sector, Mouton said without elaborating.
Students have been protesting in South Africa over the cost
of university education, which is prohibitive for many black
students. Some students are demanding all universities be shut
down until the government provides free education.
President Jacob Zuma has appointed a special team to help to
end weeks of student protests.
Curro, with the backing of PSG, last year showed interest in
acquiring rival Advtech, which has a tertiary education
unit, but walked away.
PSG on Wednesday reported an 11 percent rise in headline
earnings per share to 470.5 cents for the six months to
end-August, largely due to higher profits from Capitec Bank
($1 = 13.8542 rand)
(Reporting by TJ Strydom; Editing by James Macharia and Jane