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Announcement related to Tiger Brands' decision to spin off its entire shareholding in Oceana.

Tiger Brands to spin off stake in Oceana

  (SOUTH AFRICA, 11/23/2018)

Tiger Brands has decided to spin off its 42.1 per cent stake in Oceana Group worth USD 330 million to focus on growing its core food and drinks business.

The firm adopted this decision following a review of Oceana’s fit with the group’s core business undertakings, Oceana reported in a statement.

Oceana Group Ltd. statement ►

The approximate implementation date of the unbundling is April 2019.

About 57 million shares will be handed back to shareholders, Tiger Brands’ Chief Executive Lawrence MacDougall pointed out.

Based on Oceana’s current share price of ZAR 81.41 (USD 5.5), the stake is worth ZAR 4.6 billion (USD 330.21 million).

“The strategic review was looking at our participation across all of our categories and the shares of businesses that we had previously identified as associates,” the firm’s CEO stated said.

“It’s about being more focused on our core portfolio and giving as much attention as possible to growing our core brands,” he added.

The detailed terms of the disposal of the stake are expected to be announced shortly before the implementation date.

According to MacDougall, Oceana Group, which has ZAR 7.7 billion (USD 553.46 million) worth of sales describes itself on its website as the largest fishing company in Africa.


Oceana brands and subsidiaries. (Photo: Oceana Group)

It supplies fish and fish products to consumers across Africa, Asia, Europe, the United States, Australia and the Far East.
 
[email protected]
www.seafood.media


Information of the company:
Address: 3010 William Nicol Drive,
City: Bryanston
State/ZIP: (2021)
Country: South Africa
Phone: +27 11 840 4000
Fax: +27 086 7161846
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