November 22, 2018 / 6:03 AM / a year ago

South Africa's Tiger Brands to spin-off stake in Oceana

JOHANNESBURG, Nov 22 (Reuters) - Tiger Brands, which is recovering from a food contamination crisis, said on Thursday it will spin-off its stake in Oceana Group following a strategic review.

“The decision was taken following a review of Oceana’s fit with the group’s core business undertakings. The approximate implementation date of the unbundling is April 2019,” it said in a statement.

Tiger Brands’ stake in Oceana Group, a fishing company, is 42.14 percent, according to Refinitiv data.

South Africa’s biggest consumer foods maker, which makes bread, breakfast cereals and energy drinks, added that its headline earnings per share (EPS) from total operations for the full-year ended September dived 26 percent to 1,587 cents from 2,161 cents.

Reporting by Nqobile Dludla, Editing by Sherry Jacob-Phillips

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