Ethos Capital Partners (EPE) is a private equity fund (PEF), incorporated in Mauritius, which invests into unlisted companies for long-term capital appreciation on behalf of its investors. Like most investment holding companies, Ethos trades at a significant discount to its net asset value (NAV). Fifty-six percent of their assets are in South Africa and 39% in the rest of Africa. It has stakes in Tymebank, Ster Kinekor and Brait. The risk in this company appears to be minimal since it does …

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