S.African pension fund buys majority stake in Africa’s biggest cattle firm


JOHANNESBURG, Oct 23 (Reuters) – South Africa’s state
pension fund and a local black investment firm have bought a
majority stake in Africa’s biggest cattle company for 5.2
billion rand ($360 million).

The Public Investment Corp. (PIC), Africa’s largest
investment fund and the biggest investor in South Africa’s
economy, said on Tuesday it had bought a majority share in Karan
Beef alongside Pelo Agricultural Ventures, a black-owned
agriculture investment firm.

President Cyril Ramaphosa has made the agriculture sector
one of his top growth priorities as he seeks to drag the South
African economy out of recession.

Ramaphosa’s government also wants to redistribute more of
the ownership of the economy into the hands of black South
Africans to help redress the racial inequality that still
persists…

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