Agricultural investment holding company Zeder, says its annual net asset value per share will be about 40% lower than a year ago after unbundling food producer and fuel retailer Kaap Agri.

Zeder announced the unbundling of its 42.2% stake in Kaap Agri in February, giving the shares directly to investors to address its discounted valuation that once was as much as 60% lower than the sum of its parts. Holding companies on the JSE traditionally trade at a discount of about 30% to the underlying value of the assets they own. ..

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