PSV Holdings Limited will officially exit the Johannesburg Stock Exchange (JSE) after enduring nearly six years of financial distress, business rescue attempts, and eventual liquidation proceedings. Founded in 1998, PSV Holdings operated as an industrial engineering group, supplying essential industrial products such as steel and tools, alongside specialized services like gas systems. Its diverse client base spanned sectors including mining, manufacturing, water, and healthcare across Southern Africa.
The company listed on the JSE in 2006, marking a significant milestone in its growth trajectory. However, PSV’s fortunes changed dramatically at the start of the current decade. In 2020, mounting financial pressures forced the company into business rescue. Its largest trading subsidiary, PSV Industrial, was placed into final liquidation that same year.
Additionally, PSV Asset Management, which managed the group’s plant and equipment, also entered business rescue. The company’s troubles deepened when it failed to publish its 2020 financial results—even after receiving a Covid-19-related extension from the JSE. This non-compliance led to the suspension of PSV shares from trading. The group subsequently missed its FY2021 reporting deadline, further eroding investor confidence.
PSV nearly secured a lifeline when DNG Energy Limited, a material shareholder, engaged with business rescue practitioners to recapitalise the company. This recapitalisation was critical to completing audits for the outstanding 2020 and 2021 financial years. Despite these efforts, no viable solution emerged.
In early 2024, the Gauteng Division of the High Court issued a final winding-up order for PSV Holdings, effectively ending all business rescue proceedings and sealing the company’s fate.
In December 2025, the JSE formally notified PSV of its intention to remove the company’s listing, citing prolonged liquidation and years of outstanding financial statements. PSV confirmed in a shareholder note that it would not contest the decision, citing prohibitive costs associated with regulatory compliance, the disposal of assets by business rescue practitioners, and the absence of complete financial records.
The company indicated that liquidation proceedings will continue, with the JSE expected to announce the official delisting timeline later this month.
PSV is not alone in leaving the JSE under challenging circumstances. Murray & Roberts Holdings, a major mining contractor, is also set to delist following a final winding-up order by the High Court of South Africa. The group acknowledged that it has no prospect of resuming operations or returning value to shareholders. Meanwhile, its Cementation and TNT businesses are subject to a proposed acquisition.
Beyond distressed exits, several prominent South African companies have delisted following major acquisitions:
- MultiChoice, owner of DStv, was recently delisted after its acquisition by French media giant Canal+, which plans a secondary JSE listing this year.
- Curro Holdings, a leading private school operator, will delist in January 2026 after being acquired by billionaire Jannie Mouton, with shareholders receiving a mix of cash and Capitec shares.
- Barloworld, an industrial heavyweight, will also delist this month following its acquisition by a consortium led by Saudi Arabia’s Zahid Group and Barloworld’s management team.
