Zeder Financial Services Limited (Zeder), a wholly-owned subsidiary of PSG Group controlled by the billionaire Mouton family, has advanced the proposed disposal of its Zaad agricultural business, with competition approvals secured but regulatory clearances and restructuring steps still outstanding.

In a transaction update dated October 12, 2026, Zeder said all competition authorities had unconditionally approved the disposal. The company has also provided a parent company guarantee covering obligations of Zeder Financial Services under the sale agreement and the EA Seed transaction.

Regulatory approvals remain outstanding

Despite the progress, the transaction remains subject to several conditions precedent, including outstanding regulatory and third-party approvals. Among the most significant is approval from the South African Reserve Bank, alongside necessary lender consents and other regulatory clearances.

The Stellenbosch-based investment holding company listed on the Johannesburg Stock Exchange (JSE) said the documents required to implement the restructuring have been prepared and are nearing completion. Implementation will proceed once the documents are signed.

The EA Seed transaction agreement has also been concluded, with the steps required to make the transaction unconditional being finalised. The latest update follows a circular distributed to shareholders on March 31, 2026, and an earlier announcement on May 27 outlining progress towards fulfilling the transaction conditions.

November deadline remains in sight

Zeder said it continues to expect the disposal to be completed on or before November 30, 2026, the transaction’s longstop date. The completion of the deal will depend on securing the remaining approvals, implementing the restructuring and finalising the EA Seed transaction.

The proposed disposal forms part of Zeder’s portfolio restructuring, although the latest announcement did not disclose the transaction value or provide additional financial details about Zaad. For Zeder shareholders, the next milestone will be the fulfilment of the outstanding conditions precedent, particularly the South African Reserve Bank approval, before the disposal can be completed.

Zeder’s strategy has evolved markedly over nearly two decades, from passive minority investments to controlling stakes in agribusiness platforms, and now toward systematic exits. The current disposal cycle reflects a deliberate effort to crystallize value from mature assets while returning capital to shareholders, marking a clear shift in capital allocation priorities.

Zaad disposal signals endgame

The restructuring drive is now entering a critical phase with the planned disposal of Zaad, Zeder’s seed and agricultural inputs business.

In January 2026, the company agreed to sell the asset, excluding certain international operations, for approximately R1.03 billion ($62.65 million), with total proceeds expected to reach about R1.094 billion ($66.54 million) including related recoveries. The transaction, subject to regulatory and contractual conditions, is expected to close by July 2026.

Zaad has been a cornerstone of Zeder’s portfolio, generating revenue of about R2.28 billion ($138.68 million) in the year to June 2025 and EBITDA of roughly R635 million ($38.62 million). Its focus on proprietary seed genetics and chemical inputs positioned it as a high-margin, defensible platform within the agribusiness value chain.

Zeder will, however, retain exposure to its Turkish seed operation, May Seed, which will remain within the group as a standalone investment.