Brimstone gets approval for Sea Harvest/Viking deal

JSE-LISTED Brimstone Investment yesterday welcomed confirmation of the approval from the Competition Tribunal for the transaction that sees its subsidiary Sea Harvest and a consortium of black-owned companies acquire the fishing business of Viking Group.

Brimstone was recently in the spotlight after the Sunday Times published an article alleging that its executives were “set to score in BEE front companies”.

Brimstone has dismissed the article as grossly misleading.

“We vehemently deny that Brimstone is using any individual/s to front as black empowerment components in respect of the transaction with Viking.”

Sea Harvest chief executive Felix Ratheb said: “The approval by the Competition Tribunal is hugely satisfying after many months of hard work by us and the commission.”

The Competition Tribunal approval, in terms of the Competition Act, comes after the transaction was approved by the Department of Agriculture, Forestry and Fisheries in terms of the Marine Living Resources Act.

Brimstone holds a 54.9 percent stake in Sea Harvest, while the consortium of black-owned companies that are involved in the transaction comprise Vuna Fishing, Nalitha Investments and the South African Fishing Empowerment Corporation.

The latter two companies are new entrants to the fishing industry and are wholly blackowned.

Brimstone’s executive chairperson, Fred Robertson, said: “Throughout our 22-year history, Brimstone’s partnership approach has delivered exceptional shareholder value, while advancing effective transformation and inclusive empowerment.

“This transaction is another fine example of our model, as it introduces the coastal communities represented by the consortium as new beneficiaries of this transaction.”

Brimstone shares remained unchanged on the JSE yesterday to close at R10.99.