The Star Early Edition

Seafood group’s sub­sidiary lands fleet

- Ka­belo Khu­malo

SEAFOOD group Sea Har­vest on Fri­day said its Aus­tralian sub­sidiary, Mareter­ram, had ac­quired two mack­erel li­cence pack­ages com­pris­ing an es­tab­lished fish­ing fleet and sup­port ves­sels for A$4.9 mil­lion (R53m).

The group said the ac­qui­si­tion price would be funded through a com­bi­na­tion of debt fund­ing and a con­di­tional place­ment to qual­i­fied in­sti­tu­tional and so­phis­ti­cated in­vestors.

Sea Har­vest said the ac­qui­si­tion would give the firm about 30 per­cent of the West­ern Aus­tralia mack­erel man­aged fish­ery.

“The di­ver­si­fi­ca­tion into mack­erel fish­ing pro­vides scale and a com­ple­men­tary rev­enue stream to the ex­ist­ing prawn, scal­lop and crab fish­ing busi­ness of Mareter­ram,” the com­pany said.

Sea Har­vest said Mareter­ram was the largest li­cence holder in the West­ern Aus­tralian Shark Bay Prawn Man­aged Fish­ery.

Pro­cesses

It catches and pro­cesses wild­caught tiger and king prawns.

Sea Har­vest, which listed on the main board of the JSE early this year, has been on an ac­quis­i­tive drive af­ter the list­ing.

In Au­gust, the group an­nounced the ac­qui­si­tion of a new freezer trawler from listed Ice­landic Fish­ing Com­pany, HB Grandi, for a con­sid­er­a­tion of $13.5m (R191m).

Sea Har­vest said its list­ing would al­low the group to pur­sue ac­quis­i­tive growth in the South African seafood mar­ket and growth in Aus­tralian seafood through Mareter­ram.

David Lock, the managing di­rec­tor of Mareter­ram, on Fri­day said the com­pany aimed to max­imise value from the prof­itable mack­erel in­dus­try in West­ern Aus­tralia.

“Af­ter a suc­cess­ful 2017 fish­ing sea­son, the ac­qui­si­tion of these li­cences will pro­vide us with an en­try into a West­ern Aus­tralia mack­erel man­aged fish­ery, com­ple­ment­ing our ex­ist­ing port­fo­lio of prawn, crab and scal­lop operations,” Lock said.

Sea Har­vest, which is 54.9 per­cent owned by Brim­stone In­vest­ment Cor­po­ra­tion, last year bought a 56 per­cent con­trol­ling stake in Aus­tralian-listed Mareter­ram for nearly R250.

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