R289m payout for Oceana workers | Fin24
  • Covid-19 Money Hub

    The hub will help answer your business and money questions during the coronavirus crisis.

  • Coronavirus Funding

    Could a R100 billion social impact bond help fund SA's Covid-19 interventions?

  • Money Clinic

    I have invested R1m to be paid out monthly, I have not received any during Covid-19. What can I do?


R289m payout for Oceana workers

Apr 03 2014 14:01

Cape Town - Employees of South Africa's largest fishing company netted more than a quarter of a billion rand in a trust payout on Thursday.

"Oceana Group will pay out R289 million to employee beneficiaries of the Oceana Empowerment Trust," CEO Francois Kuttel announced in Cape Town.

The trust, established in 2006, is a share ownership scheme for black employees. It has an 11.7% stake in Oceana.

The trust is currently worth R1.2bn.

A total of 2650 beneficiaries, most of them living in the Western Cape and Northern Cape, will receive a pay-out.

"The payout will see workers receiving an average R100 000 [each] after tax," Oceana said in a statement.

Kuttel said his company took "the black-based part of BEE [black economic empowerment] very seriously".

Speaking at the event, Fisheries Minister Tina Joemat-Pettersson described the pay-out as a historic moment.

"I implore other companies to do the same... We are running out of time," she said.

Oceana Group is a 54.9% black-owned and controlled company. Its core business is catching, processing, marketing, and distributing canned fish, fishmeal, fish oil, lobster, horse mackerel, squid, and hake.

Principal shareholders in the company include Tiger Brands (41.9%) and Brimstone Investment Corporation (16.8%).

Oceana is listed on both the JSE and Namibian (NSX) securities exchanges.

oceana group  |  bee  |  agribusiness


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Voting Booth

How has Covid-19 impacted your financial position?

Previous results · Suggest a vote