PSG-controlled agribusiness investor Zeder continues to be dominated by its 27.1% "king-maker" stake in consumer brands giant Pioneer Foods. According to results for the year to February released on Monday, the Pioneer stake, worth R10.3bn, represents about 66% of Zeder’s R15.4bn sum-of-the-parts (SOTP) valuation. Vunani Securities analyst Anthony Clark said Zeder needed to secure the "next big investment" away from Pioneer. Zeder CEO Norman Celliers said the company was aware of market observations around the holding in Pioneer. "We are looking at rebalancing the portfolio, but we would prefer to grow our other investments rather than unbundling our Pioneer investment. We love Pioneer," he said. Pioneer’s overwhelming portfolio presence remained despite a 74% gain in the value accorded to the 39.8% stake in soon-to-be-listed retailer Kaap Agri (from R758m to over R1.3bn). Other meaningful constituents of Zeder’s portfolio include a 92.3% stake in seed specialist Zaad (valued at R1....

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