It has sold most of its small investments where it had limited ability to influence decisions and has bulked up on its core investment portfolio.
The “rebalance” has produced solid results for year to February 2014 with the value of its underlying investments increasing by 26% to R5.02 per share from R3.99 per share previously and reaching R5.14. Zeder sold its stakes in Overberg Agri, Capevin Holdings, Suidwes, and NWK.
In December, it bought the 51% of Klein Karoo Seeds it did not already own, and upped its stake in Agri Voedsel to 47%, Kaap Agri to 38% and fruit exporter Capespan to 72%. It added R879.4 million of new assets to its portfolio.
The value of its underlying investment portfolio grew to R4.9 billion from R3.9 billion previously.
After year-end Zeder subsidiary Chayton Africa acquired a maize and wheat mill in Zambia’s copperbelt called Mpongwe Milling.
CEO Norman Celliers is pleased with the results. “The key word for Zeder will now be growth,” he said.
Zeder declared a 4.5c dividend, up from 4c last year. The share ended the day at 425c down 0.47%.