AEEI looks to increase its portion of Pioneer Foods
Shares in Pioneer — which owns household brands such as Sasko, Weet-bix, ProNutro, White Star, Safari, Ceres and Liquifruit — have tumbled since early 2017
African Empowerment Equity Investments (AEEI), which controls recently listed Premier Fishing & Brands and Ayo Technology Solutions, has an appetite for a bigger chunk of consumer brands giant Pioneer Foods. AEEI, one of the few enduring empowerment counters on the JSE, already holds a 0.75% stake in Pioneer after participating in an empowerment scheme in 2012 when almost 29-million shares were issued to black investors. AEEI’s empowerment stake is worth about R143m at the ruling Pioneer share price. Responding to questions from shareholders at an annual general meeting on Friday, AEEI CEO Khalid Abdulla confirmed there would be interest in buying a bigger stake in Pioneer. He added that it might be an opportune time to mull such a deal as the Pioneer share price appeared to offer good value at current trading levels. “But we’d still want a bigger discount on the share price. Our intentions will come to light in the next three to four months,” he said. Shares in Pioneer, which owns ...
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.