Fishing company to join JSE to enhance its global expansion

17th March 2017

     

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Fishing and food company Sea Harvest Group confirmed that it plans to be listed on the JSE by the end of March.

According to the group, its success in recent years has positioned [it well] for “organic and acquisitive growth.”

The group plans to expand globally and it says listing on the JSE as an institutional offering is the next natural step. Sea Harvest Group CEO Felix Ratheb says listing will allow the group ongoing access to national and international equity capital and ultimately enable it to continue investing in its people, vessels, factories and markets to enhance margins in the international seafood market.

It plans on using the proceeds of up to R1.5-billion from the listing to repay all debt and invest further in the Sea Harvest Group. Ratheb says through the capital raise, Sea Harvest will be well positioned to pursue further acquisitions in the South African fishing industry. Its strong broad-based black-economic-empowerment credentials ensure the company is well placed in this regard.

The group displayed strong growth in the last five years, with revenue growing at a compound annual growth rate (CAGR) of 15% and earnings before interest, taxes, depreciation and amortisation growing at a CAGR of 22%. In the financial year ending December 31, 2016, 59% of its revenues were generated in hard currencies, with Europe and Australia being the group’s largest international markets.

Sea Harvest Group chief investment officer Muhammad Brey says its position in foreign markets means the group is “well poised for further organic and acquisitive growth as the demand for wild-caught sustainable seafood increases globally and supply remains stable”.

Investment company Brimstone is the majority shareholder of the Sea Harvest Group and, according to executive chairperson Fred Robertson, the listing will allow the group to continue building a sustainable black-owned fishing company that will generate a return for all its shareholders and be a true asset to the South African economy.

Edited by Zandile Mavuso
Creamer Media Senior Deputy Editor: Features

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