Troubled poultry producer Daybreak has been rescued from almost certain closure by the Public Investment Corporation (PIC) in a deal in which Africa’s largest fund manager becomes its 100% owner. This is despite the PIC’s own rating of the operation as "underperforming". The Competition Tribunal said earlier this week it had approval for the acquisition of control of Afgri Poultry, trading as Daybreak Farms, by the PIC on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund and the Compensation Fund. Neither the value of the deal nor the amount the PIC and clients had already spent on Daybreak were disclosed. The PIC is the largest fund manager in Africa, with about R1.928-trillion under its control. The PIC’s portfolio of unlisted investments accounts for about R67.9bn. The PIC said on Wednesday that about 30% of its unlisted investments were underperforming and about 60% of them lagged in environmental, social and governance ratings. Under the investmen...

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