As the consideration is denominated in South African Rand, the Euro value of the sales proceeds and the profit on disposal may vary subject to currency fluctuations between today and the date of completion.
The disposal follows the receipt of an offer from Zeder and a strategic review of the long term benefits of holding a minority stake.
Total Produce had been the second largest shareholder in Capespan Group since January 2012 when it sold its separate 50% shareholding in the European business of Capespan to Capespan Group in exchange for €8.5m in cash and the issue of an additional 20 million shares in Capespan Group, representing 6.3% of the shares in issue.
Total Produce accounted for its shareholding in Capespan as an associate, and in 2012 recorded an attributable turnover of €112m and adjusted profit after tax of €1.9m.
The transaction is expected to complete within the coming weeks.
Commenting on the transaction, Rory Byrne, CEO of Total Produce said: