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South African businessman Piet Mouton, chair of PSG Group, and his associates received Capitec shares valued at R1.5 billion ($91.5 million) this week, following the delisting of Curro Holdings. Mouton personally received 1,688 shares worth just over R7 million ($427,000).
The largest portion—281,176 shares—was allocated to the JF Mouton Familietrust, where Mouton serves as trustee and beneficiary. These shares are held across multiple entities, including JFM Investments, My Favourite Beleggings, Jan Mouton Beleggings, and Piet Mouton Beleggings. These shares are valued at R1.176 billion ($71.7 million) at the time of writing.
Earlier this week, Curro confirmed shareholders would receive Capitec Bank Holdings and PSG Financial Services shares as part of the acquisition by the Jannie Mouton Stigting (Foundation). Once complete, Curro will delist from the Johannesburg Stock Exchange, ending public trading of its shares. Curro, founded in 1998, provides independent school education to more than 72,000 learners across 182 schools in South Africa and other targeted African markets.
Mouton recuses from Curro decisions
The foundation held 104.6 million Curro shares—18.5 percent of the company—when it made the takeover offer on August 27, 2025, up from 86.7 million at the end of 2024. According to an October transaction circular, the trust acquired 23.5 million shares between April 10 and May 2. The timing, just months before the takeover proposal, has drawn some criticism.
Mouton said in December that while he is a trustee, he recuses himself from investment decisions in companies where he serves as a director, including Curro, where he was previously chair. Jan Mouton said the idea to use Curro for the foundation emerged on May 17, nearly three weeks after the trust acquired the shares.
Family Trusts share in Capitec windfall
Klipbank Beleggings, led by Mouton, received R134 million ($8.2 million) in Capitec shares, including a portion to replace previously held Curro shares serving as security for a R65 million ($4 million) facility. Jufrapi Investments, a similar entity, received R111.4 million ($6.8 million).
Family members also benefited: Stephanie Mouton received R2 million ($122,000) in shares, while the Juan Mouton Trust, Francois Fouche Mouton Trust, and Pieter Mouton Trust collectively received R31.6 million ($1.9 million). The Stephanie Mouton Trust and Dana Mouton Trust received shares valued at R9.4 million ($573,600).
Capitec chair Santie Botha received R4.9 million ($299,000) in shares, while non-executive director Chris Otto received one share. Capitec’s chief risk officer, Ismail Moola, received four shares. The foundation offered R13 ($0.8) per Curro share it did not already own in a R7.2 billion ($439.3 million) acquisition, settled in a combination of Capitec and PSG Financial Services shares, with a small cash portion.
