SEA HARVEST TO LIST ON JSE
Sea Harvest Group has confirmed that it plans to list on the Johannesburg Stock Exchange (JSE) by the end of March 2017. The group has enjoyed tremendous success over the past few years and is well positioned for organic and acquisitive growth. For Sea Harvest, a vertically integrated seafood company established in 1964 with operations in South Africa and Australia and with market-leading FMCG brands and species in the local and international seafood market, listing on the JSE as an institutional offering is the natural next step for one of the largest black-owned fishing companies in South Africa.
“Listing will allow the Group ongoing access to national and international equity capital, enabling the company to continue investing in its people, vessels, factories and markets in order to enhance margins in an attractive international seafood market,” explains Felix Ratheb, Sea Harvest’s Chief Executive Officer and Non-Executive Director of Mareterram, an Australian vertically integrated agri-business listed on the Australian Stock Exchange.
The proceeds from the listing of up to R1.5 billion will be used to repay all debt and further invest in the Group. Ratheb adds that through the capital raise, Sea Harvest will be well-positioned to pursue further acquisitions in the South African fishing industry supported by its strong Broad-Based Black Economic Empowerment credentials, as well as support Mareterram’s growth ambitions of becoming a diversified agri-business in Australia.
The Group has invested over R300 million in the past three years in vessel acquisitions and factory upgrades to enhance margins and create a world-class asset base. In addition, the company invested close to R250 million in acquiring 56% of Mareterram in order to fortify its ability to earn foreign currency and diversify its earnings base and use Mareterram as a platform for future growth in Australia.