PSGK is a South African based financial services group, consistently generating around 93% of its revenue from South African based entities. The group delivers its services and products via three operating divisions, namely PSG Wealth, PSG Asset Management and PSG Insure, focussing on individuals and corporates in South Africa and Namibia. Products are distributed through PSGK’s extensive network of financial advisers. As at February 2022, there were 952 advisors across 263 offices throughout South Africa and Namibia, servicing more than 520,000 clients. PSGK is a publicly listed company, majority owned by PSG Group Limited (c.60.8% shareholding at the end of February 2022). Approximately 30% of shares are publicly traded on the Johannesburg Stock Exchange. Currently, PSG Group is in the process of unbundling its stake in all its subsidiaries (including PSGK), and this is likely to change the shareholding structure of PSGK. This is not expected to have an impact on the analytical approach, or the ratings of PSGK, as GCR has not provided group support from PSG Group due to its nature as an Investment Holding Company.
CREDIT RATINGS ISSUED AND RESEARCH PUBLICATIONS PUBLISHED BY GCR, ARE GCRâ€™S OPINIONS, AS AT THE DATE OF ISSUE OR PUBLICATION THEREOF, OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. GCR DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL AND/OR FINANCIAL OBLIGATIONS AS THEY BECOME DUE. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: FRAUD, MARKET LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND GCRâ€™S OPINIONS INCLUDED IN GCRâ€™S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND GCRâ€™S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND GCRâ€™S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL OR HOLD PARTICULAR SECURITIES. NEITHER GCRâ€™S CREDIT RATINGS, NOR ITS PUBLICATIONS, COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. GCR ISSUES ITS CREDIT RATINGS AND PUBLISHES GCRâ€™S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING OR SALE.
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