Sea Harvest has had tremendous success over the past two years. This year, the company’s shareholders invested close to R600 million in capital investment and growth. This led to the company becoming one of the largest vertically integrated black-owned fishing companies in the country. It acquired 19.9 per cent of Mareterram Limited, an Australian vertically integrated agri-business listed on the Australian Stock Exchange. The company further increased its stake in Mareterram to 56 per cent in July.
‘We are very excited by our acquisition in Australia. It allows us to fortify our ability to earn foreign currency and provides a great platform for further growth in Australia,’ says Sea Harvest’s CEO and non-executive director of Mareterram, Felix Ratheb. He is also an independent trustee on the Board of Trustees for the Marine Stewardship Council. Ratheb says though cross-border acquisitions are not easy, there is an experienced team more than capable of delivering on the group strategy of being a diversified agribusiness.
Additional investments over the past 24 months include a R300 million outlay in vessels and infrastructure to ensure it continues to be efficient, sustainable and at the forefront of innovation.
At a shareholder level, Brimstone Investment Corporation invested R250 million in acquiring Kagiso Tiso Holding’s share of Sea Harvest. This allowed the company to increase its controlling share to 85 per cent. The acquisition consolidated the company’s position as one of the most transformed fishing companies in the industry, which is now 91 per cent black-owned.
The company enthuses continued success in 2017.