(Ecofin Agency) - South African agribusiness investor Zeder announced it has sold its 32.1% stake (61.6 million shares) in the animal feed company Quantum Foods Holding Limited to Country Bird Holdings, a company operating in the same business segment as Quantum. The transaction was carried out through Zeder’s subsidiary Zeder Financial Services.
Zeder Investments will use the R308.1 million ($18 million) cashed from this sale to strengthen its cash reserves and recapitalize its subsidiaries if necessary, during this health crisis period. The firm is also looking for new investment opportunities in promising sectors.
The operation will allow Country Bird to continue its expansion in the country and in Botswana, Nigeria, Mozambique, Zimbabwe, Zambia, and Eswatini, where the company also operates.
As a reminder, Zeder Investments entered the shareholding of Quantum in 2015 through the acquisition of a 25% minority stake.