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Send  Share  RSS  Twitter  17 Nov 2009

WINE: Zeder Gets All Boozy

 



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STELLENBOSCH-based Zeder Investments, the agri-business investor controlled by PSG, has fortified its position in the Western Cape liquor sector following the restructuring of KWV Limited.

Zeder initially got its big break into KWV about two years ago when retail tycoon Christo Wiese opted to swop his stake in KWV for shares in PSG.

These share were then transferred into Zeder, which is listed separately on the JSE.

Zeder has been picking up small parcels of KWV shares here and there, increasing its stake in the liquor business slowly.

But Zeder got another break with KWV when the wine and brandy company recently restructured into two separate entities – KWV Holdings (which holds the Paarl and Wellington-based wine and brandy operations) and CapeVin (which holds a 15% stake in Stellenbosch based liquor giant Distell).

Last month Zeder managed to push its stake in CapeVin through the 30% mark by buying an additional 6.5% stake in the company from empowerment partner Phe-togo.

Phetogo purportedly needed to raise funding to follow its rights in KWV Holdings’ R150 million rights offer. Phetogo has indicated a willingness to dispose of more shares in CapeVin, and CBN bets Zeder will be a most willing buyer in this regard.

Zeder also managed to snaffle a bigger stake in KWV Holdings by offering to underwrite the rights offer. With many farmer shareholders apparently not following their rights, Zeder managed to pick up around 3 million additional KWV shares.

This allowed Zeder to push its stake in KWV from around 26% to 31% - making the PSG controlled entity by far the biggest shareholder in the liquor group.

What’s more, its larger shareholding in CapeVin means Zeder becomes a fairly significant shareholder in the highly profitable Distell, where Remgro and SABMiller are the dominant shareholders.


 
 
 
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