DUNDALK company Total Produce last week received regulatory approval for its recent transaction with South African company Capespan Shareholding, which will see the company expand their fruit company reach in South Africa.
The Ramparts headquartered company announced on 23 December that it had sold its 50 per cent shareholding in Capespan’s European distribution business, Capespan International Holdings, to Capespan, in exchange for an additional 20 million shares in Capespan South Africa and €8.5 million in cash. That €8.5 million has now transferred to Total Produce, the company confirmed this morning. The final stage of the transaction, the issue of an additional 20 million shares in Capespan South Africa, will be put forward for approval at a Capespan South Africa shareholder meeting next month. Total Produce has held a 10 per cent shareholding in Capespan for more than 10 years.
Also in December the expanding firm announced that they had paid for a half share of Dutch fruit distributor Frankort Koning Beheer Venlo and its subsidiaries.