Sea Harvest to list but Brimstone will remain anchor shareholder
The fishery group aims to raise R1.5bn in a listing expected to dilute Brimstone’s stake from 85% to about 52%
Fishery group Sea Harvest is to be listed on the JSE, 85% owner Brimstone said on Wednesday morning. Sea Harvest aims to raise R1.5bn via its initial public offering. Brimstone committed itself to remaining Sea Harvest’s controlling shareholder, and expects to own 52% of the public company after its listing. "Established in 1964 on the Atlantic West Coast of SA, Sea Harvest has become a household brand and market leader in the fish category. In the 2016 Icon Brands Survey, Sea Harvest was rated as the seventh most iconic brand in SA and the highest-scoring seafood brand," Brimstone said. Part of the capital raised will be used to settle debt of R575m that Sea Harvest owes Brimstone. Brimstone said it first invested in Sea Harvest in 1998, and its holding grew to 85% when it bought out partner Tiger Brands in 2009. Sea Harvest’s management and staff own the remaining 15%.
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