PORTFOLIO TWEAKS
Hybrid agriculture company pushes out JSE listing
Newly formed agricultural giant Acorn Agri & Food (AAF), estimated to be worth R4.3bn-R4.6bn, has pushed its JSE listing to the second half of 2020 as it tweaks its portfolio. AAF was formed in May by the merger of Somerset West-based agribusiness investor Acorn Agri and Caledon-based agricultural services group Overberg Agri. This new hybrid agribusiness, which has African Rainbow Capital and Sanlam Private Wealth as key backers, initially slated a JSE listing "in the near future" if conditions were favourable. On Monday AAF CEO Andre Uys argued the group would need to tackle a few issues before applying for a JSE listing. He said AAF would want to sell off its remaining minority holding in Pioneer Foods, invest surplus cash and improve profit flows at a couple of under-performing businesses. "We won’t do a JSE listing unless we are 100% ready, and we’d like to be in great shape when we pursue a main board listing." Uys said AAF did not need additional capital at this point, but co...
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