AEEI to list division in bid to reel in rewards
African Equity Empowerment Investments (AEEI) expects to list its food and fishing division as early as this time next year, a move CEO Khalid Abdulla believes will unlock value for shareholders. The division holds Premier Fishing SA, which reels in the highest revenue for the holding company. Premier Fishing has medium-to long-term fishing rights in west coast rock lobster, south coast rock lobster, small pelagics, hake deep-sea trawl, hake longline, swordfish, tuna, seaweed and squid. It also owns an abalone farm and processes wild abalone. In the year to end-August, group revenue was R752m. Premier Fishing generated more than half of this amount at R401.7m, and an operating profit of R75m, from R68m in the year-earlier period. "A listing is becoming more imminent," said Abdulla. "The value in the division is beginning to unlock. "We said we would list once we had reached critical mass and that is happening now. It could be within the next 12 months. The board has already accepted...
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