BUSINESS NEWS - Investment holding group Brimstone has announced that it intends to acquire eight million ordinary Oceana shares from Tiger Brands. This represents 5.9% of Oceana’s shares in issue.
The sale of shares follows Tiger’s announcement in December that it will sell its 42.1% stake in the fishing company, as it is not core to its food and drinks business.
Oceana’s core business is the catching, processing, marketing and distribution of canned fish, fishmeal, fish oil, lobster, horse mackerel, squid and hake.
Tiger Brands is Africa’s largest listed packaged-food maker.
Tiger is battling to find its mojo following several years of sub-par economic growth, poor investment decisions in Nigeria and the Listeriosis outbreak last year. CEO Lawrence MacDougall is doing his best to ensure the company focuses on its oats, but shareholders will welcome the roughly R4 billion boost to the balance sheet, once the sale of shares is completed.