Financial troubles at Daybreak Farms: PIC's silence during management crisis

Philippa Larkin

The Public Investment Corporation (PIC) on Monday remained silent as further reports emerged that Daybreak Farms is in deep financial trouble, leading to its CEO, Richard Manzini - who was tasked with turning around the state-owned poultry enterprise - quitting. Daybreak's financial viability as a going concern is in question with the prices of chicken on supermarket shelves potentially at stake. Daybreak is one of South Africa's largest independent, integrated poultry producers. The exit comes as the PIC allegedly rejected a request for an additional R250 million loan to aid the financially stressed company, according to a TimesLIVE report over the weekend. The PIC, the largest asset manager on the continent, oversees assets on behalf of the Government Employees Pension Fund (GEPF), the Unemployment Insurance Fund (UIF), and the Compensation…

You're reading a preview of

Star South Africa (Digital) - 1 Issue, 2025-03-11

DiscountMags is a licensed distributor (not a publisher) of the above content and Publication through Zinio LLC. Accordingly, we have no editorial control over the Publications. Any opinions, advice, statements, services, offers or other information or content expressed or made available by third parties, including those made in Publications offered on our website, are those of the respective author(s) or publisher(s) and not of DiscountMags. DiscountMags does not guarantee the accuracy, completeness, truthfulness, or usefulness of all or any portion of any publication or any services or offers made by third parties, nor will we be liable for any loss or damage caused by your reliance on information contained in any Publication, or your use of services offered, or your acceptance of any offers made through the Service or the Publications. For content removal requests, please contact Zinio.