SHARE PLACEMENT
Sea Harvest offering attracts strong demand
The fishing company, controlled by empowerment group Brimstone, says strong demand for its shares prompted a decision to increase the offer size to investors
Fishing company Sea Harvest, which will list on the JSE later in March, has raised more than R1.3bn in a prelisting share placement exercise. Sea Harvest said on Friday that strong demand for its shares had prompted a decision to increase the offer size to investors. The shares were placed at R12.50/share, which is at the lower end of the indicative placement range of R12/share to R14.50/share. The net proceeds of the offer will be used to settle bank debt and a preference shares redemption loan as well as to repay shareholder loans and management loans. The funds raised will also be mobilised to make investments in land-based and vessel-efficiency gains as well as to pursue acquisitions in SA and in Australia. Sea Harvest, which is controlled by empowerment group Brimstone, is a major player in the South African hake sector, but also holds a controlling stake in Australian-listed seafood business Mareterram. The share placement price infers a market capitalisation of about R3.1bn, ...
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