Zeder, an investor in agribusiness and related industries, is keeping the bulk of the R1bn in cash from the sale of two companies in the kitty for now. Acting CEO Johann le Roux said the business is being conservative with its cash. “The board is being cautious,” he said, and only looking at new opportunities for its existing portfolio.

Le Roux, who was speaking after the release of the company's interim results this week, said Zeder has R1bn in cash in the bank. This is the remaining proceeds from the sale of Pioneer Foods for R6.41bn and Quantum Foods for R308m. Zeder used some of the proceeds to settle debt and pay a special dividend of 230c a share (R3.9bn).

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