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Sea Harvest gains control of Australian company

Aug 10 2016 18:32
Fishing

Fishing. (M Scott Moon, Peninsula Clarion, AP)

Company Data

BRIMSTONE INVESTMENT CORPORATION LIMITED [JSE:BRT]

Last traded 13
Change 0
% Change 0
Cumulative volume 5998
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town - Sea Harvest has managed to secure control of Mareterram, a vertically integrated agri-business listed on the Australian Stock Exchange, the company said on Wednesday.

Sea Harvest will own an effective 56% of Mareterram, after shareholders accepted a bid from Sea Harvest totalling approximately R200m.

According to a statement by Sea Harvest, Mareterram owns a fleet of ten prawn trawlers and is the largest license holder in the Western Australian Shark Bay Prawn Managed Fishery. It catches and processes wild caught King and Tiger Prawns. The prawn fishery has also attained Marine Stewardship Council certification for sustainable fisheries.

Mareterram employs 110 staff and has fishing operations in Carnarvon in Western Australia with distribution and sales offices in Perth, Adelaide, Melbourne, Brisbane and Sydney.

"We are excited about our controlling stake in Mareterram as their strategy is very closely aligned with Sea Harvest's strategy of becoming a global vertically integrated agri-business," commented Sea Harvest CEO Felix Ratheb.

Brimstone Investment Corporation [JSE:BRT] recently increased its stake in Sea Harvest to 85% by buying out Kagiso Tiso Holdings. This makes Sea Harvest one of the most transformed fishing companies in the industry, according to the statement.

Fred Robertson, executive chair of Brimstone, said Brimstone supports acquisitive growth by its subsidiaries.

"In this instance the opportunity for global expansion, using Australia as an entry point, is an exciting one and aligns with our view of becoming a global player in the sector," said Robertson.

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