There’s not terribly much to glean from the results of PSG-controlled agribusiness entity Zeder Investments. Three of its investments – consumer brands company Pioneer Foods, retailer Kaap Agri and egg, poultry and feeds business Quantum Foods – are already listed on the JSE and represent more than 70% of Zeder’s portfolio. What’s more, Zeder’s sum-of-the-parts (SOTP) value is updated daily on the company’s website, rendering the SOTP number in the year to end-February results quite meaningless. To be honest, it will also be some time before the stigma of being a proxy for Pioneer Foods, which on its own represents more than 50% of the portfolio value, is completely removed. Of course, further diversification of Zeder’s portfolio would help enormously in rebalancing the overweight position in Pioneer. However, other than bolt-on deals, deal making has not exactly been vibrant of late. It was, however, interesting to note that Zeder CEO Norman Celliers, in commentary accompanying the...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.