On a busy day of corporate news, Sun International announced a deal to exit most of its interests in Nigeria for a cash gain of R275 million. Oceana soared after a trading update, while the JSE pressed ahead with plans for a more attractive listing environment. According to international news, the world's largest Norwegian sovereign wealth fund is doing quite well.
Suncity owner Sun International announced on Thursday that it has entered into an agreement to sell 43.3% of its 49.3% stake in Tourism Corporation of Nigeria (TCN), trading as Federal Palace Hotel in Lagos, for approximately 200 million yen in cash from Lutum Finance Company. It was announced that it is expected to receive R75 million. The remaining 6% stake will be sold in due course and shareholders will be notified in due course, the group said. Following completion of the transaction, TCN will be consolidated for a longer period of time, resulting in a reduction in group debt of approximately R800 million, which will subsequently be further increased by cash proceeds. Sun had previously indicated its intention to exit the Nigerian market and had debts totaling R6.54 billion at the end of December. Valued at just under R10 billion on the JSE, Sun shares rose just over 2% on Thursday. It has fallen about 12.6% over the past year.
fishing group oceana The company has benefited from record global fish oil prices, telling shareholders they can expect comprehensive earnings per share to increase by 89% to 99% in the six months to the end of March. He also added that there was also a positive result for Lucky Star, as the sales volume of canned food shipped in March increased. However, overall performance has slowed down due to a decline in the sales volume of wild seafood. Oceana, owned in the United States as Daybrook, produces fishmeal and fish oil. The company exports hake, lobster, squid and horse mackerel under the Blue Continent brand, with headline profits of approximately R364 million in the first half of 2023. The group previously claimed it was benefiting from improved inventory at Daybrook and stronger global pricing. Due to the El Niño phenomenon, Peru's main anchovy fishing season was canceled “due to the emergence of large numbers of young fish,” causing global prices to rise. Oceana rose nearly 6% on Thursday and is up almost 7% in the past 12 months.
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