Sea Harvest Group announces bid to take-over Australian-listed Mareterram Limited
Sea Harvest - Feb 5th, 08:47
Sea Harvest is pleased to announce that its wholly-owned subsidiary Sea Harvest International Proprietary Limited (SHI), has entered into a bid implementation agreement with its 56.3% held Australian subsidiary, Mareterram Limited (Mareterram), whose shares are listed on the Australian Securities Exchange (ASX), regarding the potential acquisition of all of the shares in Mareterram not currently owned by SHI.
Sea Harvest Group CEO, Felix Ratheb, says, “Sea Harvest has a long history with Mareterram, a vertically integrated, sustainable agri-business. The journey began with the signing of an agency agreement with the Craig Mostyn Group (Mareterram’s predecessor) more than 50 years ago. In line with Sea Harvest’s organic and acquisitive growth strategy, we successfully acquired a 19.9% share in the Mareterram in January 2016, which was increased to the current 56.3% in July 2016. This latest bid is therefore in line with our strategy, but more importantly, will allow us to extract operational synergies, whilst supporting Mareterram’s growth strategy.”
Ratheb affirms that 100% ownership of Mareterram will allow Sea Harvest to fast-track the achievement of the growth objectives for the Group, which include continuing to diversify its earnings and increasing the Group’s market share and presence in Australia.
According to Fred Robertson, Chairman of the Board of Sea Harvest and its majority shareholder, Brimstone, the Proposed Offer is not only good news for Sea Harvest but also for transformation in South Africa. “The benefits of this investment will flow directly to Sea Harvest’s majority black shareholders and is aligned with our vision to create the first truly black-owned global fishing and food company,” says Robertson.
Sea Harvest is offering A$0.25 cash per Mareterram share, thereby, valuing the entire issued capital of Mareterram at approximately A$38.6 million and the acquisition price for the Proposed Offer at A$16.9 million, which equates to ZAR163 million at current exchange rates.
Click here for more information on Sea Harvest
The Sea Harvest Group has delivered a strong set of interim results for the period ending 30 June 2019 with a 52% increase in headline earnings to R169 million and a 32% increase in headline earnings per share (HEPS) to 61.1 cents compared to the same period last year.
A consortium of black-owned companies led by the Sea Harvest Group (Sea Harvest) has confirmed the approval from the Competition Tribunal of its transaction to acquire the fishing business of Viking Fishing Holdings Proprietary Limited, whilst Sea Harvest Aquaculture, a wholly-owned subsidiary of Sea Harvest, is acquiring 51% of the issued share capital of Viking Aquaculture Proprietary Limited (jointly referred to as the Viking Group).
A consortium of black-owned companies led by the Sea Harvest Group (Sea Harvest) has confirmed the terms of its transaction to acquire the fishing business of Viking Fishing Holdings Proprietary Limited whilst Sea Harvest Aquaculture, a wholly-owned subsidiary of Sea Harvest is acquiring 51% of the issued share capital of Viking Aquaculture Proprietary Limited (jointly referred to as the Viking Group) with the envisioned transaction closing date of 2 July 2018.
In commemoration of the centenary of our late former President Nelson Mandela’s birthday on 18 July, the Western Cape Health Department, together with the support of Sea Harvest, has launched a programme where 100 operations will be performed on patients at various hospitals around the province to reduce surgical backlogs.