Sea Harvest Intends to List on the Johannesburg Stock Exchange

8 February 2017

8 February 2017

Sea Harvest Group ("Sea Harvest" or "the Group") has today, 8 February 2017, confirmed its plan to list on the Johannesburg Stock Exchange (JSE) by the end of March 2017. The group has enjoyed tremendous success over the past few years and is well positioned for organic and acquisitive growth. Sea Harvest, a vertically integrated seafood company established in 1964 with operations in South Africa and Australia and with market-leading FMCG brands and species in the local and international seafood market, is excited to announce the next phase of its growth story: a potential listing on the JSE by the end of March 2017.

With ambitions set on becoming a diversified global seafood business, listing on the JSE as an institutional offering is the natural next step for one of the largest black-owned fishing companies in South Africa. "Listing will allow the Group ongoing access to national and international equity capital, enabling the company to continue investing in its people, vessels, factories and markets in order to enhance margins in an attractive international seafood market," explains Felix Ratheb, Sea Harvest’s Chief Executive Officer and Non-Executive Director of Mareterram, an Australian vertically integrated agri-business listed on the Australian Stock Exchange. The proceeds from the listing of up to R1.5 billion will be used to repay all debt and further invest in the Group. Ratheb adds that through the capital raise, Sea Harvest will be well-positioned to pursue further acquisitions in the South African fishing industry supported by its strong Broad-Based Black Economic Empowerment credentials, as well as support Mareterram’s growth ambitions of becoming a diversified agri-business in Australia.

The Group has demonstrated strong growth in the last five years with revenue growing at a CAGR of 15% and EBITDA growing at a CAGR of 22%. In this period EBITDA margins expanded to c.19%. In the financial year ended 31 December 2016, 59% of the Group’s revenues were generated in hard currencies, with Europe and Australia being the Group’s largest international markets. "This solid performance could not have been achieved without investment in assets, a new and energised management team, supportive shareholders and a dedicated workforce. Sea Harvest is well-poised for further organic and acquisitive growth as the demand for wild-caught sustainable seafood increases globally and supply remains stable," says Muhammad Brey, Sea Harvest’s Chief Investment Officer.

The Group has invested over R300 million in the past three years in vessel acquisitions and factory upgrades to enhance margins and create a world-class asset base. In addition, the company invested close to R250 million in acquiring 56% of Mareterram in order to fortify its ability to earn foreign currency and diversify its earnings base and use Mareterram as a platform for future growth in Australia.

Listing the business on the JSE will be another milestone in Sea Harvest’s 53-year journey and will see the formation of a truly black-owned industrial fishing company. "We look forward to our continued commitment to transformation in the fishing industry where, after listing, Brimstone will remain the majority shareholder of Sea Harvest. The listing will allow us 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," states Fred Robertson, Brimstone’s Executive Chairman and Non-Executive Chairman of Sea Harvest.

The listing will enable Sea Harvest to fulfil its potential for the benefit of all its stakeholders, inter alia, shareholders, who include the majority of its employees; business partners; customers; consumers and the local communities in and around which it operates. The future is bright as the organisation gears for further growth, margin enhancement, acquisitions and investments both nationally and internationally, enabling it to achieve its vision of becoming a leading and responsible diversified global fishing business.

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