Tiger Brands, the South Africa-based food-and-drinks manufacturer, has offloaded part of its stake in local seafood business Oceana Group, a shareholding it wants to fully divest.
In a stock-exchange filing, Tiger said it had accepted a “conditional but binding offer” from investment company – and existing Oceana shareholder – Brimstone Investment Corp. for 5.9% of the group’s stake in the business.
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Brimstone, a black-controlled and managed investment firm, is paying ZAR581m (US$42.5m) for the stake.
Tiger said it was “proceeding with the necessary steps to complete the unbundling” of its remaining shares in Oceana “during the second quarter of the year”.
In November, Tiger said it wanted to sell its 42% stake in Oceana “following a review of Oceana’s fit with the group’s core business undertakings”.
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Oceana is the largest fishing company in Africa. According to the company’s website, its “core business” is the catching, processing, marketing and distribution of canned fish, fishmeal, fish oil, lobster, horse mackerel, squid and hake.
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By GlobalDataThe group says its “principal market” is what it calls “the lower-end consumer”, who it says prefers canned fish and horse mackerel. Oceana’s consumer products include Lucky Star canned pilchards.
The Lucky Star brand is marketed in South Africa, as well as other south and east African markets including Botswana, Namibia and Kenya. The majority of Oceana’s sales revenue comes from South Africa and Namibia.
