Sea Harvest takes a further 28% of Viking Aquaculture

8th March 2023

By: Schalk Burger

Creamer Media Senior Deputy Editor


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JSE-listed seafood and aquaculture company Sea Harvest will acquire a further 28% of the shares in and loan claims against abalone and oyster producer Viking Aquaculture for R210-million.

"The further acquisition fits within Sea Harvest’s investment criteria and increases Sea Harvest’s ownership in Viking Aquaculture from 54% to 82%, allowing Sea Harvest to integrate Viking Aquaculture, extract operational synergies and align operating structure, growth strategies and funding requirements with that of Sea Harvest," the company said in an announcement on March 8.

Viking Aquaculture is a vertically integrated, sustainable abalone producer with farms in Buffeljags, in the Western Cape, and Kleinzee, in the Northern Cape, producing 500 t/y of abalone. These high-value, high-margin aquaculture species are sold in Far East markets in live, dried, canned and frozen formats.

Viking Aquaculture also has two vertically integrated oyster farming operations in South Africa and Namibia.

At December 31, 2022, the consolidated statement of financial position of Viking Aquaculture reflected liabilities exceeding assets by R106-million. The consolidated loss after tax attributable to Viking Aquaculture for the financial year ended December 31, 2022, was R32-million.

The purchase consideration will be funded from a combination of cash on hand and available bank facilities, Sea Harvest said.

Sea Harvest will pay R28 in cash for the acquisition on March 15, and will pay a further five installments of R42-million each year, starting from January 1, 2024, and ending on January 1, 2028.

Viking Aquaculture has been consolidated into the Sea Harvest Group’s reviewed condensed financial statements for the year ended December 31, 2022. The attributable net asset value consolidated into Sea Harvest’s condensed statement of financial position as at December 31, 2022, included property, plant and equipment, biological assets, inventories, trade and other receivables, trade and other payables, deferred taxation and borrowings, the company said.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online




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