Johannesburg – Premier Food and Fishing, a subsidiary of
African Equity Empowerment Investments,
will list on March 2 under the code PFF.
In a statement issued
on Monday, the company told potential shareholders that it will place privately
117 million shares.
The company, in existence
since 1952, was previously called Sekunjalo Industrial Holdings.
It notes it will invite investors to subscribe to the private
placement at R4.50 a share.
The company says it aims to list to gain access to
capital to grow its business organically and through future acquisitions. It
also wants to give employees and members of communities in which it operates,
as well as the general public an opportunity to acquire an equity stake.
The group says it is well positioned for growth over the
next three years and “into the future”. “As one of the largest black fishing
companies in South Africa and given that current legislation is likely to
promote black participation and black industrial development in this sector,
this should be beneficial for the growth in this area.”
The group adds it intends distributing 30 percent of its
annual free cash flow to shareholders.
Premier is a vertically integrated food and fishing
company which specialises in the harvesting, processing and marketing of fish
and fish-related products, as well as general food products. It employs more
than 350 permanent and seasonal staff and its business includes factories,
processing facilities and fishing vessels operating in three provinces. Its
products range from rock lobster to octopus, squid, abalone, pilchards, hake, general
food products and environmentally friendly agri-biotechnology products.
Read also: AEEI to list food, fishing unit on JSE
It says it is one of the largest black-owned and
controlled fishing companies in South Africa and has four operating divisions,
two subsidiary companies and a number of joint venture operations.
It, and its subsidiaries, hold medium- to long-term
fishing rights in west coast rock lobster, south coast rock lobster, small
pelagics (anchovy and pilchard), hake deep-sea trawl, longline and squid.
It also, through its Marine Growers unit, owns an abalone
farm and invests in organic agriculture.
The company has various processing facilities and
factories from Port Nolloth to Saldanha Bay, Hout Bay, Cape Town, Gansbaai as
well as Humansdorp.
AEEI is a sister company of Sekunjalo, which owns
Independent Media.
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