SHARE SALE
Sea Harvest listing to bulk up the business
The company hopes the move will support its strategy of becoming a well-known global player in the seafood sector
Sea Harvest Group will float up to 38.7% of its issued share capital on the JSE to selected institutional and private investors. The company, which intends to list on the main board on March 23, hopes the move will support its strategy of becoming a well-known global player in the seafood sector. In a pre-listing statement released on Monday, Sea Harvest said it intended to sell about 92-million shares at between R12 and R14.50, or a maximum of R1.3bn. "The rationale behind the listing is to provide the group with additional capital to support management’s strategy of continuing to invest in the current business to improve margins and grow organically; and support the group’s strategy of becoming a diversified global seafood company through value-creating acquisitions," the company said. Brimstone Investment Corporation, the JSE-listed, black-owned, black-controlled and black-managed investment holding company, holds 92.9% of the shares in the group, with management and staff holdin...
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