Industries

South Africa's Leading Chicken Producer Daybreak Farms Seeks $13.3 Million Debt.

Africa Finance Review

Apr 8, 2024 — 1 min read

Image Credit : Daybreak Farms

Daybreak Farms, one of the largest chicken producers in South Africa, with a market share of over 7%, is planning to raise 250 million rand ($13.3 million) in debt.

Why is this important: The company, owned by Africa's largest fund manager, Public Investment Corp, has had challenges with past management teams, including financial irregularities and inflated contracts. However, in January 2024, Public Investment Corp installed one of its former investment bankers, Richard Manzini, as the new CEO to turn around the company. According to Mr. Manzini's recent interview, Daybreak's new management needs about 18 months to build a strong balance sheet and reposition the company.

The bottom line: Interestingly, Daybreak is implementing ESG principles, making it attractive to potential investors when PIC decides to exit or reduce its ownership in the company.

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