PIC gives R74m lifeline to state-owned poultry producer after reports of starving chickens

Key topicsPIC allocates R74m to rescue state-owned poultry producer DaybreakOver 350,000 birds culled after feed shortages, mass deaths reportedFunds will cover salaries, feed, and prevent further animal cruelty.Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..By Rene Vollgraaff.The Public Investment Corp. will allocate 74 million rand ($4.1 million) to provide immediate working capital for Daybreak’s liquidity needs, according to an emailed statement. The amount was initially earmarked for capital expenditure and is part of a 250 million rand facility that was set aside for the company earlier.The National Council of Society for the Prevention of Cruelty to Animals said earlier this week it had to cull more than 350,000 birds from various farms who rear them for Daybreak after they were left without feed for days, resulting in mass cannibalism. Staff at several sites had not been paid and thousands of dead chickens were left in the growing sheds, the NCSPCA said..Read more:.Vaccination delays heighten Bird Flu risks for SA poultry.The state pension fund, that’s overseen by the PIC, owns a third of Daybreak. The rest belongs to the Unemployment Insurance Fund and the Compensation Fund. The money from the PIC will be used to pay outstanding salaries for employees for April, buy feed supplies to prevent further starvation and cannibalism among Daybreak’s bird stock and specific essential operational expenses that are necessary for running the business and avoid liquidation.“Daybreak’s leadership is tasked to develop and implement a turnaround strategy and a credible turnaround plan to ensure long-term sustainability and growth, including how the company intends to avert job losses and safeguard the welfare of the livestock,” the PIC said. .© 2025 Bloomberg L.P.

PIC gives R74m lifeline to state-owned poultry producer after reports of starving chickens

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