Brimstone Investment Corporation

18 January 2017

Sea Harvest is Proud of Its B-BBEE Credentials

Since 1964, we have been hard at work growing our business into what it has become today. We’ve become one of the largest vertically integrated producers of Cape Hake in South Africa, creating direct employment for more than 3 000 people. What’s more, we are proud to be a Level 2 Broad-Based Black Economic Empowerment contributor, and one of the largest empowered companies in our sector.

Our majority shareholder, Brimstone Investment Corporation Limited, is also a black-owned Cape-based investment consortium, which first took ownership of Sea Harvest in 2008. In 2016, Brimstone increased their share in the company to over 85%. The investment from Brimstone Investment Corporation is just another feather in our cap, as we continue to attract local and international attention to our vast variety of world-leading products.

Our retail products are distributed to all the major local supermarket chains in South Africa, and at present, can be bought in more than 2 000 stores nationwide. What’s more, we also supply products to over 23 countries. Our company is one of South Africa’s leading importers and distributors of frozen seafood to the catering and hospitality industry. Sea Harvest also offers our own brand of Cape hake products, and we’ve been packing for leading international brands since our inception in 1964.

Brimstone Investment Corporation and Sea Harvest – The Ideal Partnership

Brimstone, a Western Cape Broad-Based Black Economic Company, holds its shares in Sea Harvest Holdings through its 100% held subsidiary Brimco. They have been a shareholder in Sea Harvest Corporation and/or Sea Harvest Holdings since 1994. In 1999, Brimstone increased its stake to 22%, and in 2009, through a black consortium led by Brimstone, bought out the then-majority shareholder Tiger Brands limited, to become the majority shareholder at 56.95% of Sea Harvest holdings.

It is certainly interesting to see the trajectory of growth and interest that Brimstone Investment Corporation has showed in our company, and how our relationship has evolved over the decades. Brimstone’s acquisition of Sea Harvest was a great fit for both parties, as this Johannesburg Stock Exchange-listed company, with a total of 3 733 shareholders, of which 74% are historically disadvantaged individuals (HDIs), form part of our commitment to transformation as well.

Brimstone has further added value to their shareholders by paying out dividends made possible by their investments in entities such as Sea Harvest Holdings, for 13 consecutive years. Further exemplifying our commitment to empowerment, Brimstone formed the Brimstone Empowerment Share Trust (BEST) in 2005, with the purpose of creating a more sustainable model of support to organisations by awarding them with Brimstone shares, at no cost to the non-governmental organisation awardee, or public benefit organisations.

To date, 28 organisations, with a broad base of beneficiaries, have been awarded in excess of 1,3 million Brimstone shares. The market value of these shares, as of the 31st of October 2014, were in excess of R20 million. These shareholders support more than 3,5 million beneficiaries across South Africa.

How Sea Harvest and Brimstone Investment Corporation Give Back

We don’t just care about what the environment is able to provide us, and the incredible resources we are able to access from it. We also care about our people, and about South Africa’s local communities. The Sea Harvest Foundation includes numerous corporate social investment programmes designed to support the needs of many, allowing us to uplift and care for our fellow South Africans.

A few examples of these endeavours include our community development initiatives, bursary programmes, our Kids for Kids initiative, and partnering with the West Coast Department of Social Development, to name a few. Aside from this, we are also involved in small business development and community sports, among other initiatives. These are only a few examples of how Brimstone Investment Corporation and Sea Harvest remain committed to giving back to our communities.

Exporting Cape Hake to the World

We are one of the largest Cape hake producers in South Africa, supplying various products under our own brand, including natural cuts, such as skinless and skin-on fillets, as well as moulded portions and a range of value-adding products. We’ve also been packaging for top international brands for many decades, with a strategy to align ourselves with leading brands and role players in global markets.

If you would like to learn more about our company and find out more about Brimstone Investment Corporation, contact us today. We look forward to expanding our company’s reach across the globe, as more markets demand access to the quality and delicious products under our brand.

Recent Press

Sea Harvest provides an update following the sinking of the MFV Lepanto. Authorities Call Off Search for Missing Crewmen
Sea Harvest Confirms Sinking of the MFV Lepanto
Sea Harvest Group Ltd. Successfully Concludes Another Major Transaction
Sea Harvest Fishing delivers a strong result in a tough environment
Sea Harvest Group Ltd. Announces Another Step in Its Growth Ambitions
Sea Harvest Firefighters Break Barriers at Western Cape MRG Competition