Seafood giant Sea Harvest has announced that it plans to list on the JSE, in a move that is set to position it as a global seafood producer. Photo: Supplied Seafood giant Sea Harvest has announced that it plans to list on the JSE, in a move that is set to position it as a global seafood producer. Photo: Supplied
Johannesburg – Sea Harvest is set to list on the JSE’s
main board on March 23.
The company, which will list on the Farming, Fishing and Plantation
sector, turned over R1.9 billion in the year to December, a 41 percent increase
year-on-year.
It will offer 91.7 million shares in a private placement
before listing at between R12 and R14.50.
This should be the second listing on the JSE this year,
after Premier Foods & Fishing’s debut last week.
In a statement issued on Monday, Sea Harvest says the
percentage of issued share capital will be up to 38.7 percent.
Its private placement will be used to settle third-party
debt and other loans as well as fund investment in land-based and vessel
efficiency gains, as well as pursue an “acquisitive growth strategy” in SA and
Australia.
It explains it wants to list up to 236.7 million shares
on the bourse to access additional capital so it can invest in the business,
improve margins and grow organically.
Read also: Premier Food and Fishing is first 2017 listing
The company also wants a platform that will allow it to
raise equity capital in the future.
Sea Harvest is 53-years-old and has 29 vessels and 3 000
staff. It operates in Saldanha Bay on the West Coast of South Africa and,
through the Vuna Exclusive Supply Agreement, in Mossel Bay on the Southern
Coast of South Africa.
In July 2016, it acquired a controlling interest in
Mareterram, a vertically integrated agri-business listed on the Australian
Stock Exchange with operations in Shark Bay, Carnarvon, Western Australia.
It mostly fishes MSC-certified Cape hake and Shark Bay
tiger and king prawns, processing of the catch into frozen and chilled seafood,
and the marketing of these products, locally and internationally.
It has a 36.7 percent market share locally.
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