Francois Kuttel the former CEO of Oceana Group, who resigned in February, is set to pay $31.5 million (€25.6 million) for a 75 percent stake in Louisiana-based Westbank, according to a note posted to the Johannesburg Stock Exchange last week.
Oceana confirmed it will hold the remaining 25 percent stake in Westbank, which catches fish for its Daybrook fish oil and fish meal subsidiary.
US regulations on ownership in the fishing sector precluded Oceana from acquiring the majority stake in Westbank.
