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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.