Listing for top fishery group

FISHERY group Sea Harvest is to be listed on the JSE, 85% owner Brimstone said yesterday.

Sea Harvest aims to raise R1.5-billion via its initial public offering. Brimstone committed itself to remaining Sea Harvest’s controlling shareholder, and expects to own 52% of the public company after its listing.

“Established in 1964 on the Atlantic West Coast of SA, Sea Harvest has become a household brand and market leader in the fish category. In the 2016 Icon Brands Survey, Sea Harvest was rated as the seventh most iconic brand in SA,” Brimstone said.

Part of the capital raised will be used to settle debt of R575-million that Sea Harvest owes Brimstone.

Brimstone said it first invested in Sea Harvest in 1998, and its holding grew to 85% when it bought out partner Tiger Brands in 2009.

Brimstone said it had invested about R776-million in Sea Harvest since 2009, including financing its acquisition of 55.9% of Australian Stock Exchange-listed Mareterram.

“Brimstone has tasked management at Sea Harvest to continue on this growth strategy and in order to do this, Sea Harvest requires capital,” Brimstone said.

“Sea Harvest is one of the first black industrial companies to be listed on the JSE, a strong confirmation that transformation works in SA.”

Funds raised will be used by Sea Harvest to diversify from its principal businesses, which include “fishing for Cape hake, processing of the catch into frozen and chilled seafood, and the packaging, distribution and marketing of these products, locally and internationally”. — BDLive