Soomra to take over as Oceana CEO

Oceana has appointed Imraan Soomra as its Chief Executive Officer, the company has said.

In a statement issued on Tuesday, the company said the decision would be effective August 1 2018.

Soomra has been acting as interim CEO since February this year, and has been Oceana's Chief Financial Officer since July 2013. He worked closely with the previous CEO, Francois Kuttel, in growing shareholder value, Oceana said.

"His appointment ensures a seamless transition and consistency in Oceana's strategic direction," the statement added.

Trevor Giles, a qualified chartered accountant with over 19 years of service at Oceana, has been appointed as interim CFO, also effective August 1 2018.

Kuttel – a US citizen – resigned in order to acquire a majority stake in Westbank Fishing, in which Oceana has a 25% stake. A US citizen was required to do so.

Westbank operates vessels that supply fish to Daybrook Fisheries processing plant. Oceana acquired Daybrook in July 2015.

Oceana [JSE: OCE] shares were trading at R73.66 per share at 10:49 on Tuesday morning, down 2.78%.

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