[Cape Town, 04 December 2025] Brimstone today announced the disposal of a portion of its stake in the Oceana Group Ltd (“Oceana”).
In terms of the sale agreement Brimstone will dispose of 11 950 000 Oceana shares to a consortium represented by Marine Edge Capital at a price of R53.00 per share for a total purchase consideration of approximately R633.4 million. This represents 9.2% of the share capital of Oceana.
Further to the strategic review undertaken by the Board of Brimstone it identified assets that it believes can be disposed of at acceptable valuations without jeopardising its strategy, with Oceana being one such asset. The proceeds from this sale will be applied to reduce Brimstone’s funding obligations in the near term.
“Over the past three years, Brimstone has consistently communicated its commitment to restoring shareholder value through debt reduction, disciplined cost management, and share repurchases. This disposal of a part stake in Oceana represents a significant step toward executing our strategy of selected asset disposals and debt reduction. I am confident that our shareholders will welcome this progress,” says Fred Robertson, Executive Chairman of Brimstone.
Marine Edge Capital is a 51% B-BBEE owned South African-based investment company operated by a consortium of investors active in the international fishing and seafood sectors.
“Oceana was Brimstone’s first investment and this year marked 30 years of Brimstone as a shareholder in Oceana. Our long-standing partnership with Oceana has delivered substantial value for both companies. After this disposal, Brimstone will hold 16.0% of Oceana and still be a significant shareholder,” says Mustaq Brey, CEO of Brimstone.
There are no conditions precedent to the sale of these shares and the transaction is therefore expected to be concluded before Brimstone’s December financial year-end. The Transaction is classified as a Category 2 transaction in terms of the JSE Listings Requirements and is accordingly not subject to shareholder approval.