(Bloomberg) -- South Africa’s Public Investment Corp. and black economic empowerment group Pelo Agricultural Ventures paid 5.2 billion rand ($361.4 million) for a majority stake in Karan Beef Pty Ltd., which operates the largest cattle feedlot and abattoir on the continent.

Karan Beef, which has operations at City Deep in Johannesburg and in Heidelberg and Balfour southeast of the city, mainly supplies the local market but also has a substantial export market, according to an emailed statement from the PIC, which didn’t disclose the size of the stake.

Pelo Agricultural Ventures is a black-owned, managed and controlled investment holding company that operates in the agricultural sector in South Africa and the rest of the continent. South Africa’s government is pushing businesses to include more black participants to make up for discrimination during apartheid.

To contact the reporter on this story: Hilton Shone in Johannesburg at hshone@bloomberg.net

To contact the editors responsible for this story: Alastair Reed at areed12@bloomberg.net, Renee Bonorchis

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