NEW LISTING
Sea Harvest casts its net back onto JSE after 17 years
About 17 years after delisting from the JSE, fishing group Sea Harvest — now with Australian operations complementing its core frozen hake offering — trawled quietly back onto the bourse on Thursday. There was not the usual froth that accompanies a sizeable new listing on the JSE. Market watchers suggested that some investor wariness may stem from perceptions that a stronger rand might weigh on Sea Harvest’s substantial export earnings in the financial year ahead. Apart from holding a dominant position in the local frozen hake category, Sea Harvest is also a large exporter of hake to Europe, North America and Australia. New Shares Placement Last week, Sea Harvest — which is controlled by empowerment company Brimstone — raised R1.33bn by placing new shares with investors at R12.50 a share. Shares were initially pitched in a price range between R12 a share and R14.50 a share. The proceeds will be used partly to retire debt and settle preference shares, with a chunk of capital left ove...
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