It’s difficult to believe that about five years ago the listing of Kaap Agri, the agricultural services business controlled by Zeder Investments, was a much-anticipated event for investors that had bought scrip on the old over-the-counter market.

The early 2017 listing got off to a frothy start, with the share price peaking briefly at R65. With its large footprint of Agrimark retail outlets, Kaap Agri was viewed as an interesting alternative retail play — a "boere Massmart", if you will.

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