DURBAN - The Public Investment Corporation has agreed to the purchase of the biggest cattle feedlot in Africa, Karan Beef according to BusinessTech.
The cattle company was started in 1974 by the Karan family farm and the company is still completely owned by Ivor Karan.
The Karan Beef Heidelberg farm has 2 330 hectares and accommodates 150 000 head of cattle.
Karan Beef exports to countries like Maldives, Egypt, Qatar, Republic of China and Jordan.
The price of the deal has not been made public as yet.
This year June Business Day reported that the cattle company was looking into a management buyout that would value Karan Beef at R6 billion.
In 2017, the Competition Commission raided premises of Karan Beef as a part of an investigation into alleged fixing of prices and trading conditions.
According to the commission, the meat suppliers allegedly entered into an agreement to fix prices and trading conditions when buying weaner calves from farmers.
Follow the Business Report on Instagram here
BUSINESS REPORT ONLINE