The transaction is in line with Oceana's strategy to gain additional fishing rights and pursue growth in its existing businesses.
The transaction would increase the group's South African fishing rights for pilchards from 14.3% of the total allowable catch to 25.6%. For anchovies the quota would increase from 16.8% to 24.7% and for hake from deep-sea trawling from 4.0% to 8.8%.
In order to meet the requirements of the Marine Living Resources Act and the Policy for the Transfer of Commercial Fishing Rights‚ Oceana has entered into a heads of agreement with Ulwandle Fishing - a black-owned fishing company - to form a consortium to buy the pelagic and deep-sea fishing rights of Foodcorp's fishing division.
Oceana will hold a 75% share in the venture and Ulwandle will hold the balance
It is intended that Ulwandle will have the right to increase its shareholding to 30% within three months of the effective date of the transaction‚ subject to conditions precedent.
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