Marc Hasenfuss Editor-at-large

PSG-controlled agribusiness investor Zeder has written up the value in two of its largest unlisted investments — fruit marketing company Capespan and seed specialist Zaad – in the year to end-February. Results released on Tuesday showed that while Zeder incurred a heavy markdown in its anchor investment in JSE-listed consumer goods conglomerate Pioneer Foods, the intrinsic value of the 97.5% stake in Capespan was increased to R2.26bn (R1.98bn in 2017) and the 91.4% stake in Zaad written up to R2bn (from R1.53bn). The investment in Capespan and Zaad comprises about 30% of Zeder’s R14bn portfolio. Zeder CEO Norman Celliers said Capespan — which also owns and operates several strategic logistical and terminal assets in southern Africa — reported a 28% decline in recurring headline earnings. He said Capespan maintained its value thanks to the underpin from its farming operations and associate investments. Capespan made significant progress during the year in ongoing efforts to repositio...

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