Oceana Group Limited - Company Announcement
Oceana Group Limited
ISIN Code : ZAE000025284
Share Code : OCE
("OCE" or "the company")
Announcement
The directors of Oceana are authorised to announce that the Public Investment
Commissioners (PIC) have acquired the effective 20,6% interest held by Real
Africa Holdings Limited (Real Africa) in Oceana Group Limited (Oceana) through
intermediary company Ocfish Holding Company Limited (Ocfish), in a transaction
fully funded by the PIC. The sale agreement is subject to fulfilment of certain
suspensive conditions including approval by the Competition Commission.
Once approved, the PIC will share joint management control with Tiger Brands
Limited (Tiger) as principal shareholders of Oceana, thus continuing the
arrangement in place since December 1994 between Real Africa and Tiger.
The PIC is responsible for the investment of pension funds for South African
government employees. More than two-thirds of the members of the Government
Employees Pension Fund comprises of previously disadvantaged individuals. As
successor to Real Africa, the PIC therefore brings improved empowerment
credentials to Oceana.
Oceana is fully supportive of the acquisition by the PIC and looks forward to a
mutually beneficial relationship.
On behalf of the board
12 March 2003
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