Fishing giant Oceana Group, the owner of the Lucky Star canned pilchards brand, will be charting a course into the new long-term fishing rights application process without its long-standing anchor shareholder. Consumer brands company Tiger Brands confirmed on Thursday plans are in place to unbundle its 42% stake in Oceana by April 2019. In an investment presentation, Tiger CEO Lawrence MacDougall said Oceana, although a perennially profitable business, is “not strategically right” for Tiger to take a majority stake. “Unbundling gives the best value back to investors.”

No details of the mechanics of the unbundling were provided. Tiger carries a market capitalisation of R51bn with Oceana’s market value at about R11bn.

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