Sea Harvest brings Australian subsidiary on board
Sea Harvest has confirmed a bid process to acquire all the shares it does not already own in Mareterram
Sea Harvest, the fishing company controlled by empowerment group Brimstone, is determined to haul its entire Australian subsidiary on board to boost market share and growth. Sea Harvest confirmed a bid process on Tuesday to acquire all the shares it does not already own in 56.3%-controlled Mareterram, which is listed on the Australian Securities Exchange (ASX). Sea Harvest — best known for its frozen hake cuts — has been in an acquisitive mood of late, snapping up Viking Fishing as well as Ladismith Cheese Company last year. Sea Harvest shares appeared to be buoyed by the news of the Mareterram offer, rising 3.85% to R13.50 in light volumes. Group CEO Felix Ratheb explained that 100% ownership of Mareterram would fast-track growth — including diversifying earnings and market share and presence in Australia. Mareterram operates 12 trawlers, catching and processing wild-caught king and tiger prawns, scallops and crabs. The company also operates a food marketing arm. It appears that S...
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