Key Investor In South Africa’s Oceana Trims Stake

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Brimstone Investment is trading astir a 3rd of its shareholding successful Oceana Group, nan South African sportfishing and food-processing company.

The finance patient will offload astir 11.95 cardinal Oceana shares to a consortium represented by Marine Edge Capital.

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The shares, representing 9.2% of Oceana’s stake, will beryllium sold astatine R53 apiece, for a full information of astir R633.4m ($37.4m).

Following nan deal, Brimstone’s liking successful Oceana will autumn from 25.2% to 16%.

Marine Edge Capital is simply a 51% B-BBEE-owned South African institution tally by a sportfishing manufacture consortium that includes Silverfin Fishing Company and Blue Fin Investments.

Regarding nan rationale for nan sale, Brimstone said: “Further to nan strategical reappraisal undertaken by nan committee of board of nan institution of its finance portfolio regarding its semipermanent strategy, nan committee has identified assets that it believes tin beryllium disposed of astatine acceptable valuations without jeopardising this strategy, pinch Oceana being 1 specified asset.”

The patient said it will usage nan waste proceeds to trim backing obligations successful nan “near term”.

The transaction is expected to adjacent earlier Brimstone’s December financial year-end.

Oceana Group says “the lower-end consumer”, preferring canned food and equine mackerel, forms its “principal market”.

It is champion known for nan waste of canned pilchards nether nan Lucky Star brand.

The marque is marketed successful South Africa and different African markets including Botswana, Namibia and Kenya.

For nan twelvemonth ended 30 September 2025, Oceana Group’s gross dropped by 0.7% to R10bn. 

According to nan company, nan “positive effect of accrued income volumes crossed each segments and patient pricing for wild-caught seafood” was “offset by nan diminution successful US dollar food lipid prices”.

Gross profit separator fell to 27.8%, mostly driven by little margins successful nan fishmeal and food lipid categories.

Profit aft taxation dropped 35% to R724m, reflecting nan “weaker fishmeal and food lipid segments operating performance, accrued nett liking disbursal and higher effective taxation rate”. 

Operating profit declined 23.2% year-on-year to R1.25bn.

The group said its nett indebtedness roseate “marginally” to R2.6bn, pinch a simplification successful US dollar indebtedness offset by an summation successful South African rand debt.