Oceana charts new course without Tiger Brands
Tiger’s unbundling decision comes just ahead of the start of the 2020 fishing rights application process
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.