PIC seeks stability for Daybreak Foods as board faces crisis
The PIC charged that the board and management of Daybreak Foods remained responsible and accountable for the company's operations and finances.
Image: File
Banele Ginidza
The Public Investment Corporation (PIC) said on Monday that it was considering various options to bring stability to the embattled State-funded poultry producer, Daybreak Foods.
This comes as the PIC is engaged in ongoing talks with the Daybreak board of directors in the aftermath of a slplit that has seen the board chairperson leave reportedly after securing a R625 000 sitting allowance package.
This is as the PIC over the weekend allocated a requested further R74 million to Daybreak, initially earmarked for capital expenditure, in a bid to address the company's immediate liquidity needs, which includes outstanding salaries for employees for the month of April 2025, feed supplies and specific essential operational expenses.
The PIC charged that the board and management of Daybreak Foods remained responsible and accountable for the company's operations and finances.
The laregst asset manager in Africa said it was strengthening the board and assisting it to strengthen management to help to bring stability to the company and to resume normal operations.
"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," said PIC spokesperson, Adrian Lackay, adding that any further outcomes will be communicated when approved.
Tshepo Makhene, head of projects at the South African Clothing and Textiles Union (SACTU), said labour has had difficulty accessing Daybreak's management since the breakout of news that the board chairperson Bojane Segooa and the Chief Financial Officer (CFO) had resigned with immediate effect over the weekend.
"There has been nothing happening today. We are hoping it is because the processes to release the finds for the workers salaries and feed for birds," Makhene said.
"It is difficult to get people to engage with the executive after the CEO and CFO resigned. We are not sure if the workers have been paid yet but if they are kept in the dark, they will riot again."
This is as the National Society for Prevention of Cruelty to Animals (NSPCA) returns to court on Tuesday where Daybreak will need to explain why the relief should not be made final.
The NSPCA obtained an order on Friday, which instructed Daybreak to immediately stop all inhumane culling methods, provide adequate, species-appropriate feed for all birds, cease all breeding and placement of chicks or birds at any affiliated facilities and to provide a timeline and strategy to address and resolve this ongoing crisis.
The NSPCA said last Wednesday it found a catastrophic welfare emergency currently unfolding at two of Daybreak's breeder farms in Bela-Bela and Mookgopong, with about 600 000 birds at immediate risk of starvation, suffering from cannibalism, injuries, and prolonged neglect due to insufficient feeding and inhumane culling practices.
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