DIVERSIFICATION
Oceana sets sights on offshore acquisitions
Oceana Group, which has limited opportunities to make a big acquisition in SA, will continue to trawl other markets as it looks to diversify its operations. Imraan Soomra, the newly appointed CEO of Africa’s biggest fishing group, said on Tuesday Oceana, which owns Lucky Star canned pilchards, was looking at opportunities for further geographic and species diversification. "There is a natural inclination to look offshore for possible deals. There are limited opportunities of scale locally that we could legitimately make a play for," he said. Soomra said Oceana was specifically on the lookout for aquaculture operations, either in the form of a low entry point buy-in into a fledgling operation that could benefit from Oceana’s financial muscle or paying for a fully established aquaculture business. "We would like to have a meaningful aquaculture business within five years." Smaller JSE-listed fishing competitors Sea Harvest and Premier Fishing, as well as AVI-controlled I&J, all have i...
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