Could Zeda hit unbundling heights despite early market snub?

The market has given car rental and leasing group Zeda, which owns the Avis and Budget brands, a hard ride since it was unbundled from industrial conglomerate Barloworld in mid-December.

Market watchers have suggested some large asset managers that are shareholders in Barloworld might have dumped the unbundled shares as Zeda might be deemed too small for existing investment mandates. Recent Sens announcements have confirmed that major Barloworld shareholders Zahid Tractor & Heavy Machinery and Silchester International remain anchor shareholders in Zeda.

Bytes , Astral and Spar as well as MiX Telematics have all blossomed into more substantial entities after their respective unbundlings. The Barloworld and Zeda boards believed the long-term prospects of both companies would be enhanced by their being separately listed.

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