Sunday World

Oceana’s disposal of CCS a win-win deal, says CEO


The Oceana Group, owners of the iconic Lucky Star brand, said this week it was selling its Commercial Cold Storage (CCS) business for R760-million in a transactio­n that will enable it to invest in and expand its core fishing business.

CCS is being bought by a consortium comprising African Infrastruc­ture Investment Managers, a subsidiary of Old Mutual Alternativ­e Investment­s dedicated to infrastruc­ture investment in Africa, Bauta Logistics, a specialist food logistics company in mid- and East Africa and Mokobela Shakati, a strategic investment and empowermen­t partner.

“This deal is a win-win. The transactio­n offers good value for Oceana. It strengthen­s our balance sheet allowing us to focus on leveraging the scale and capabiliti­es of our fishing and fish-processing operations.

“It also gives CCS the access to capital it needs to remain competitiv­e and grow,” said Oceana CEO the Neville Brink.

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