PIC in R5.2bn beef deal
JOHANNESBURG – The Public Investment Corporation (PIC) and Pelo Agricultural Ventures have acquired a majority shareholding in Karan Beef for a maximum consideration of up to R5.2billion.
The acquisition of the shareholding in Karan Beef was subject to final approval by the Competition Commission.
Karan Beef, which is based in Heidelberg, Balfour and City Deep, is Africa's biggest cattle company, while the PIC is Africa’s largest fund manager.
Karan Beef exports to countries including the Maldives, Egypt, Qatar, China and Jordan.
PIC chief executive Dr Dan Matjila described the significant transaction as an historic deal that must be celebrated, saying it would support the much-needed transformation in the agricultural sector.
Aobakwe Kukama, chief executive of Pelo Agricultural Ventures, a black-owned, managed and controlled investment holding company, said they were proud to be part of the transaction.
Karan Beef’s Ivor Karan said this was a groundbreaking deal for agriculture in South Africa.