JOHANNESBURG, March 6 South African fishing
company Sea Harvest IPO-SEHJ.J will raise as much as 1.3
billion rand ($100 million) in a stock market flotation that
values the company at 3.4 billion rand, it said on Monday.
The Sea Harvest Group, whose main business is fishing hake
and prawns and processing the catch into frozen and chilled
seafood, will sell about 92 million shares, or a 38.7 percent
stake, at between 12 rand and 14.50 rand each.
The company will set the final initial public offering price
on March 20 and is due to make its debut on the Johannesburg
Stock Exchange on March 23.
Sea Harvest, which has operations in South Africa and
Australia, will use the money to repay debt and speed up its
growth plans via investments and acquisitions as part of its
strategy to become a diversified global seafood company.
Brimstone, an investment holding company, is the
majority shareholder in Sea Harvest, which said its parent will
retain its controlling interest after the listing.
The company, which has a 36.7 percent share of South
Africa's frozen seafood market, packages for retail and
foodservice customers in Spain, Italy, Australia, Germany,
Portugal, France and the Netherlands.
Sea Harvest's net profit more than tripled to 131 million
rand for the year ended 31 December 2016 on sales of almost 2
Sea Harvest is the second seafood company to list on the
Johannesburg Stock Exchange after Premier Food and Fishing
Limited, a subsidiary of African Equity Empowerment
Investments, listed 117 million shares last week.
($1 = 12.9685 rand)
(Reporting by Tanisha Heiberg; Editing by Tiisetso Motsoeneng)