Oceana’s R600 million Working Capital facility with ESG overlay

Standard Bank is proud to announce it has completed a R600 million working capital facility with Oceana.

Standard Bank is excited to have executed another transaction with Oceana Group Limited (Oceana) on 28 April 2023 by completing a R600m sustainability-linked working capital facility in support of Oceana’s sustainability strategy.

Oceana, which includes the Lucky Star Foods Brand, industrial fish meal, fish oil and wild caught seafood advocates for responsible fishing and has a zero-tolerance approach to illegal, unreported, and unregulated fishing. The Group is committed towards making a positive impact in society by creating long-term sustainable value for all their stakeholders.

In 2021, both parties concluded South Africa’s first syndicated sustainability-linked funding package in the CPG sector.

Oceana is one of Africa’s largest and top fishing companies. They play a key role in the continent and global fishing industries as they are focused in creating sustainable value. 

They operate in South Africa, Namibia and the United States of America and market branded protein and fish-based products in 46 countries, while utilising a fleet of 44 vessels.

The Oceana Group comprises three operating pillars: Lucky Star brand, fishmeal and fish oil and wild-caught seafood. These are diversified by the species that are procured and harvested, the geographies where these are sourced and the markets where they are sold.

This spreads risk and reduces the impacts of external factors such as fishing resource, market, and currency volatility. Oceana is the world’s largest of frozen pilchard with a sophisticated supply chain.

The group is well known for their canned pilchards, which are a healthy and affordable protein that provide daily food security to millions of people across the globe.

The iconic Lucky Star brand is well known in South African and has been on retail shelves for nearly 7 decades. Oceana’s two other operating pillars, fishmeal and fish oil and wild-caught seafood are diversified in South Africa, Namibia and the United States.

Oceana has agreed to link three key sustainability deliverables to Standard Bank’s financing facility.

• Increasing the percentage ratio of renewable electricity sources (kWh) to the total electricity consumption at their St Helena Bay operation
• Decreasing the disabling injury frequency ratio on an annual basis
• Converting a number of their vessel refrigeration units to ammonia, which is more environmentally friendly, by 2025

Standard Bank is pleased to partner with Oceana on their commitment to meet their sustainability targets