Loading...

Brimstone shares soar on strong demand for Sea Harvest

Mar 20 2017 11:44
Lameez Omarjee

Sea Harvest's new trawler. (Carin Smith)

Company Data

BRIMSTONE INVESTMENT CORPORATION LIMITED [JSE:BRN]

Last traded 12
Change 0
% Change 0
Cumulative volume 300
Market cap 0

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

BRIMSTONE INVESTMENT CORPORATION LIMITED [JSE:BRT]

Last traded 12
Change 0
% Change 0
Cumulative volume 109
Market cap 0

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

Related Articles

Brimstone pays out 15th consecutive dividend

BEE a marathon, not a sprint for Sea Harvest as firm heads to JSE

Sea Harvest gains control of Australian company

Sea Harvest extends Australian footprint

Sea Harvest launches R25m share scheme for workers

Brimstone 'resilient' in volatile market

 

Johannesburg – Brimstone's share price has shot up by almost 10%, as demand for Sea Harvest's initial public offering (IPO) increased, resulting in R1.329bn being raised.

Brimstone Investment Corporation - which owns Sea Harvest - announced late on Friday that a strong demand for Sea Harvest shares resulted in the entity increasing the size of the share offer.

The amount was raised with the issuance of 106 333 334 shares at a price of R12.50 per share, it said. The settlement date is at the start of trade on Thursday, when the shares will be listed on the main board of the Johannesburg Stock Exchange (JSE).

Brimstone has two listings with its one [JSE:BRN] share price trading 9.68% higher at R17 a share by 11:00 on Monday and the other share [JSE:BRT] trading at R14.50.

READ: BEE a marathon, not a sprint for Sea Harvest as firm heads to JSE

The proceeds from the Sea Harvest listing, which was announced in February, will be used to repay debt and will be allocated to further investments.

Sea Harvest was first established in 1964 with operations in South Africa and Australia with leading brands in the fast-moving consumer goods sector. It is also one of the largest black-owned fishing companies in South Africa.

READ: Sea Harvest gains control of Australian company

Last year, Sea Harvest secured control of Australian company Mareterram and owns 56% of the prawn fishery.

CEO Felix Ratheb said in a statement that Mareterram’s strategy is “very closely aligned” with Sea Harvest's strategy of becoming a global vertically integrated agri-business.

This subsidiary plans to expand to China, according to Brimstone CEO Mustaq Brey. Brimstone, the majority shareholder of Sea Harvest, with a stake of 85%, reported a 22% increase in its revenue and a 147% increase in operating profit for the financial year ended 31 December 2016.

ALSO READ: Brimstone happy with results after 'perfect storm' – CEO

This follows a difficult period Brey called a “perfect storm”. 

Read Fin24's top stories trending on Twitter:


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

brimstone  |  sea harvest  |  jse  |  markets  |  investment

NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What’s on your gift list this Christmas?

Previous results · Suggest a vote

Loading...