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COMPANIES AND DEALS

   Insider Gold


OCEANA TO SELL OFF COLD STORAGE BUSINESS IN R760M DEAL

Funds to be repurposed for growth of core operations.
By Akhona Matshoba 4 Oct 2022  12:56 

OVERVIEW OF OCEANA GROUP LTD. - JSE:OCE

Open: 52wk high: 52wk low: Volume: Bid: Offer:

6 Dec 22
Nampak capital raise to also fund increased bevcan demand
5 Dec 22
Oceana reports profit increase for its full year
5 Oct 22
M&A update: Oceana cold storage sale and Aveng sale of Trident Steel
CLICK THIS COMPANY MORE COMPANY NEWS SENS
OCEANA R67.94 1/23/2023, 8:14:00 AM
Fishing group Oceana's sale of the cold storage business will help it with the
expansion of its core operations. Image: Supplied

Fishing group Oceana will be selling its commercial cold storage (CCS) business
to a consortium of investors in a R760 million deal, a transaction that it says
will “enable it to invest and expand its core fishing business”.

The consortium of buyers includes a subsidiary of Old Mutual Alternative
Investments African Infrastructure Investment Managers (AIIM) , specialist food
logistics company in mid- and East Africa Bauta Logistics and strategic
investment and empowerment partner Mokobela Shakati, the group said in a Sens
statement on Tuesday.

> “CCS has six cold stores, five in South Africa and one in Namibia, of which
> three are owned and three are long-term leases. Total storage capacity is some
> 100 000 pallet spaces,” Oceana said.

According to Oceana, the transaction should come as no surprise to the market as
the CCS business has been placed on the backburner, having not been prioritised
by the group for expansive capital allocation for some time. 

“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,” CEO Neville
Brink said. 

Read: Oceana sees performance recovery in H2

A troubled Oceana

The JSE-listed company, which owns well-known tinned fish brand Lucky Star, has
in the last few years battled some troubles marked by external investigations by
financial authorities, the precautionary suspension of its CFO Hajra Karrim and
the resignation of CEO Imraan Soomra, to name a few. 

In May, the group announced the departure of external auditor PwC who resigned
from the role, citing a worrying lack of communication between it and the Oceana
board.

In February, the Financial Sector Conduct Authority (FSCA) launched an
investigation into the group’s affairs into what the watchdog termed as possible
publishing of “false, misleading or deceptive statements, promises and forecasts
regarding the past or future performance of the company, or its securities.” 

Read: Oceana appoints Zafar Mahomed as CFO

Before the investigation, the group had experienced delays in releasing annual
financial statements for the 2021 period.  

Commenting on Oceana’s recent troubles, chief executive of corporate and
advisory at Deal Leaders International Andrew Bahlmann says the new appointments
of Neville Brink as Oceana CEO and Zafar Mohamed as CFO as well as of new
auditing firm Mazars is a step in the right direction to restore investor
confidence in the company.

“I’m holding thumbs that this company does not go the way of EOH and some others
and that hopefully the rot has been stopped in time. Sentiment and fear can
drive value down unnecessarily, but the performance of the stock since July
would indicate that investors are reassured,”Bahlmann said.

Oceana remains linked to CCS

Despite disposing of the business, Oceana said it will continue working with CCS
as this forms part of transaction conditions. The group has entered into a three
year service contract with CCS from the date of implementation where Oceana will
have the option to renew should it be satisfied with CCS’s service levels.

> According to the group, its imports – mainly the Lucky star fish business –
> represents between 15% to 20% of CCS’s revenue, while the rest emanates from
> third-party manufacturers, importers and exporters.

Oceana will also provide transitional services to CCS for a year following
implementation. The group says it expects to conclude the sale by the end of
February 2023, subject to regulatory approval.

Read: Now PwC resigns as Oceana’s external auditor

AIIM investment director Damilola Agbaje added that CCS will play a critical
role in ensuring the regional expansion of the cold chain logistical
infrastructure sector, which he believes is currently immature.

Read: Oceana CEO Imraan Soomra resigns with immediate effect

“The cold chain logistical infrastructure sector is underdeveloped, and in
places non-existent, across sub-Saharan Africa and this investment diversifies
AIIM’s current portfolio into a high growth and high impact area.”

“CCS’s technical expertise and operational track record provides a crucial
platform for regional expansion and securing strategic customer relationships,”
Agbaje said.

Read: Oceana confirms FSCA investigation

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AUTHOR PROFILE




AKHONA MATSHOBA

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Akhona is a passionate young financial journalist who covers the retail,
property and tourism sectors. She has a keen interest in the South African
digital media space, podcasting and financial education for the youth.




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