MARKET WATCH : Big fish to fry
Intriguing is what operating assets a freshly capitalised Sea Harvest hopes to snag domestically
The listing of empowered fishing enterprise Sea Harvest on March 23 should be a successful flotation, buoyed not only by solid food-sector sentiment but also a possible wave of corporate action. The slightly smaller Premier Fishing (PremFish), which listed last week, certainly confirmed the tide is right for listing a potentially acquisitive fishing venture. PremFish’s private placement was nearly four times oversubscribed and, at the time of writing, was trading at a decent premium to the prelisting offer price in fairly lively trade. Brimstone-controlled Sea Harvest, depending on the appetite for its scrip, should come to market with a market capitalisation of between R2.8bn and R3.4bn. This is a good deal larger than when Sea Harvest — then controlled by Tiger Brands — was delisted from the JSE in 2000, when the inferred value was less than R750m. African Empowerment Equity Investments-controlled PremFish’s market capitalisation sits at about R2.3bn. Sea Harvest will pitch up to ...
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