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Oceana, Ulwandle go fishing together

Oceana, with its partner Ulwandle Fishing, is to buy Foodcorp's fishing division for R445m.

5 Jun 2013

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.

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za