​Sea Harvest Group lists on the JSE  
A second strong black-owned company listing in the fishing industry this year  

Johannesburg, 23 March 2017. Today, Sea Harvest Group Limited (JSE: SHG) listed in the Farming, Fishing and Plantations sector on the JSE’s Main Board. Sea Harvest Group, with its primary product being Cape Hake, has been in existence since 1964 and is one of South Africa’s largest black-owned fishing companies. 

The primary listing of the Sea Harvest Group is the JSE’s second main board listing and the second listing of a fishing company with strong BEE credentials.

Nicky Newton-King, CEO of the JSE says: “The exchange is pleased to welcome Sea Harvest Group to the main board. Sea Harvest Group is owned and controlled by Brimstone Investment Group Corporation Ltd which has a variety of black owned companies in different industries such as healthcare, financial services and infrastructure, and is also a black controlled company. This is the second Brimstone Investment company to list on the JSE, and Brimstone Investment is also listed on the exchange. We are delighted in acquiring another company that is part of Brimstone Investment, who are committed to the transformation of our country and the broader SA economy. Transformation in our country’s capital markets is important to us and this listing represents the progress being made in providing South Africans with an opportunity to invest in companies that boast strong transformation credentials.”

She adds: “Sea Harvest Group began their journey with a small operation in the Cape West Coast town of Saldanha and it is now one of the leading frozen fish brands with a 36.7% retail market share in South Africa.  It is encouraging to see the steady growth of this company over the years and we are confident that they have chosen the right venue to list. We look forward to the company’s future growth and assisting the company, through this listing, to deliver on its business strategy, which will be focused on expansion.”

This listing will provide investors with more choice and an opportunity to participate in the income streams and future capital growth of Sea Harvest Group.

“Globally consumers know that when they buy South African Cape Hake, they are getting superior quality from a well-managed fishery,” says Sea Harvest chief executive, Felix Ratheb. Sea Harvest is now a vertically integrated seafood company with operations in South Africa and Australia and market-leading FMCG brands and species in the local and international seafood market. 

Last year, the company acquired a 56 percent controlling stake in Australian-listed Mareterram, which catches, processes and markets king and tiger prawns, and operates a food business. This acquisition is in line with the Sea Harvest Group’s strategic plans to become a global, vertically integrated agri-business.

Ratheb says the business strategy going forward will be focused on growth and expansion. “We’re pursuing organic growth through further margin-enhancing investment in our fleet and factories, as well as market diversification; we’re well-positioned for acquisitive growth in South Africa, given our excellent B-BBEE credentials, market knowledge, local and international networks and operational expertise; and acquisitive growth in Australia. Mareterram provides us with an existing platform and local knowledge to take advantage of the fragmented fishing sector in Australia.” 

Brimstone Investment Corporation has, meanwhile, held on to a majority 54.9% share of the Group and is committed to remaining invested and supporting Sea Harvest’s growth story. Board Chairman, Fred Robertson, says, “We have been a shareholder in Sea Harvest since 1998 and invested a further R776 million into the business since taking control in 2009. Sea Harvest is a quality asset with, established brands in the FMCG sector, a good management team, a global revenue mix and over 2000 exceptional employees.”

The Sea Harvest Group joins seven companies that are previously listed in the Farming, Fishing and Plantations sector of the JSE, all on the Main Board. The sector currently has a market capitalisation of R39.95 billion.
From Left to Right: Felix Ratheb: CEO, Sea Harvest Group Limited and Fred Robertson: Chairman, Brimstone Investment Group Corporation Ltd.
From Left to Right: Fred Robertson: Chairman, Brimstone Investment Group Corporation Ltd, Nicky Newton-King: CEO, JSE Limited, Felix Ratheb: CEO, Sea Harvest Group Limited and Zeona Jacobs: Director, JSE Limited.​

ENDS

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