Country Bird Holdings (CBH), which was once listed on the JSE, might have feathered its nest at a bargain price with the purchase of a dominant stake in poultry, animal feeds and egg business Quantum Foods.

At first glance PSG-aligned agribusiness investor Zeder scored a decent premium over Quantum’s recent market price when relinquishing its holding of nearly 62-million shares. But it is worth pointing out that Quantum — at its last financial report — stated its net asset value (NAV) at 962c a share...

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