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Sea Harvest raises $105m with stock exchange listing

Sea Harvest raises $105m with stock exchange listing

South Africa’s Sea Harvest Group has raised ZAR 1.3 billion ($105.2 million) with a listing of 42% of the company on the Johannesburg Stock Exchange.

On March 22 the firm floated its shares at ZAR 12.50 per share, resulting in a group market capitalization of around ZAR 3.14bn.

The money raised will be used to pay down debt and fund growth both locally and internationally, allowing it to fulfil its vision of becoming a diversified global seafood company, it said.

More specifically, the listing will help fund “investment by the group in land-based and vessel efficiency gains, leading to market optimization which will support organic growth and margin-enhancement projects”.

Funds raised will also be used to pursue its acquisitive growth strategy, both in South Africa and in Australia, and provide the company with greater balance sheet flexibility, and a listed currency to accelerate its strategic growth plans, it said.

“Through the capital raise, Sea Harvest will settle all debt and continue to fund its growth trajectory, which is underpinned by the recent c. ZAR 500m outlay on vessels and infrastructure to improve operational efficiencies, long-term sustainability and margins, as well as the acquisition of a 55.9% majority stake in Australian Stock Exchange listed agribusiness, Mareterram,” the firm said in a press release.

Brimstone has, meanwhile, retained a majority 55% share of the group (down from 85%) and is committed to remaining invested and supporting Sea Harvest’s growth story, the South African company said.

“We have been a shareholder in Sea Harvest since 1998 and invested a further c. ZAR 776m into the business since taking control in 2009,” said board chairman and chairman of Brimstone, Fred Robertson.

“Sea Harvest is a quality asset with established brands in the FMCG sector, a good management team, a global revenue mix and over 3000 exceptional employees.”

Standard Bank acted as sole financial advisor, sole bookrunner and sole transaction sponsor for the company.

Sea Harvest reported a surge in profit and turnover for its latest financial year, having made investments in its fleet and processing plants.

The company reported turnover of ZAR 1.9bn ($145m), up 41% year-on-year, for the year to Dec. 31, 2016.

It reported earnings before interest and tax up 115% y-o-y to ZAR 250.2m, with earnings before interest tax depreciation and amortization up 80% y-o-y to ZAR 368m.

The growth in profitability is attributable to investments made in two freezer trawlers in the last two years, as well as the factory optimization project, according to the results statement from Brimstone.


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