End of the line for 27-year-old company in South Africa
PSV Holdings Limited will delist from the Johannesburg Stock Exchange (JSE), with the company battling business rescue and liquidation proceedings for close to six years
Founded in 1998, PSV is an industrial engineering holding company that provides industrial supplies, including steel and tools, as well as specialised services, such as gas systems.
The company provided these services to various sectors, including mining, manufacturing, water, and healthcare, across Southern Africa. The company was listed on the JSE in 2006.
However, it fell into hard times at the turn of the current decade, with PSV Holdings placed into business rescue in 2020 amid severe financial pressures.
The company’s largest trading subsidiary, PSV Industrial, was placed into final liquidation in 2020.
That same year, PSV Asset Management, which held the plant and equipment for the wider group, was also placed into Business Rescue.
The group also came into trouble with the JSE after failing to publish its financial results for the 2020 financial year, despite a Covid-19-related extension.
Its shares were subsequently suspended from trading on the JSE, with the group also failing to publish its FY2021 results.
PSV Holdings almost received a lifeline when DNG Energy Limited, a material shareholder, made various attempts with the Business Rescue Practitioners to recapitalise PSV.
This recapitalisation was necessary to complete audits for the outstanding 2020 and 2021 financial years.
However, after years of attempting to save the business, the Gauteng Division of the High Court issued a final winding-up order for PSV Holdings in early 2024, thereby ending the business rescue proceedings.
Says goodbye to the JSE
In December 2025, the JSE issued a letter advising that it intended to remove the listing of PSV amid its liquidation and the number of years of financial statements remaining outstanding.
In a note to shareholders, PSV said that it decided to accept the JSE’s decision and not lodge an objection.
This was due to the substantial expense associated with regularising the company, regulatory costs, the disposal of assets by the BRPs and the absence of financial records.
PSV said that the liquidation of the company is also expected to proceed in due course, with the JSE set to make further announcements over the delisting and timing this month.
PSV is not the only South African company to delist from the JSE amid serious challenges, with fellow mining contractor Murray & Roberts also set to delist this month.
This comes after a final winding-up order against Murray & Roberts Holdings by the High Court of South Africa.
There is also a proposed acquisition of the Cementation and TNT businesses of Murray & Roberts Limited.
“The company has acknowledged that there is no prospect of it being able to distribute any returns to shareholders, nor for the company to re-establish its operations,” said Murray and Roberts.
“In the circumstances, the continued listing of Murray & Roberts Holdings is no longer feasible.”
While PSV and Murray & Roberts will delist amid financial challenges, several other companies in South Africa have decided to leave the bourse after major acquisitions.
Multichoice, the owner of DStv, has recently been delisted from the JSE following its acquisition by French media giant Canal+, which will launch a secondary listing on the JSE this year.
Curro Holdings is also set to be delisted in January 2026, following the acquisition of the private school group by billionaire Jannie Mouton. Existing shareholders will receive both cash and Capitec shares.
Industrial giant Barloworld will also delist this month after it was acquired by a consortium led by Saudi Arabia’s Zahid Group and its own management.
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