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Johannesburg - Brimestone subsidiary Sea Harvest on Thursday became the second fishing company to list on the JSE this year following the successful listing of Premier Food and Fishing (PFF) last month.

Sea Harvest said it aimed to be a diversified global seafood company after it raised R1.3 billion on its debut on the JSE, giving it a market capitalisation of R3 billion. The company listed on the main board’s farming, fishing and plantations sector under the share code SHG.

The share price, snapped up at R12.50 a share pre-listing, opened at R13.45 a share.

PFF, a subsidiary of African Empowerment Equity Investments (AEEI), received a warm welcome on the bourse after its share price rose 11.11 percent from a R4.50 at pre-listing to R5 on the day of the listing.

Sea Harvest chief executive Felix Ratheb said the money raised from the listing would be used to pay down debt and fund growth, both locally and internationally.

“Globally consumers know that when they purchase South African Cape Hake, they are buying superior quality from a well-managed fishery,” said Ratheb.

Last month the company said the JSE had allowed it to list more than 92 million of its shares on the bourse’s farming, fishing and plantation sector. It had said it would be able to raise R1.5 billion in capital through private placement with the proposed listing.

Sea Harvest recently undertook a massive capital expenditure drive after it invested over R500 million on vessels and infrastructure to improve operational efficiencies in the year ended December.

Read also: Sea Harvest to sell shares at R12 to R14.50 each

The company last year increased its stake in Mareterram, an Australian agribusiness company listed on the Australian Stock Exchange, from 19.2 percent to 56 percent in a R250 million deal.

Standard Bank’s head of equity capital markets for SA and sub-Saharan Africa, ­Richard Stout, said the bank was pleased to have partnered with Sea Harvest in their listing on the local bourse. “This listing provides an exciting new opportunity for investors who are looking to participate in the food sector. This transaction also highlights the continued activity and interest we have seen in the South African IPO space recently,” said Stout.

Brimstone first invested in Sea Harvest in 1998, and said it had invested R766 million into the business since taking full control in 2009. It said it would retain a 55 percent stake in Sea Harvest post listing.

Brimstone’s chairman Fred Robertson said the company would retain its majority stake in Sea Harvest post listing to ensure it aligned with government’s transformation objectives.

The listing of Sea Harvest would bring to eight the number of companies listed in the farming, fishing and plantations sector of the JSE. For years, fishing company Oceana had been the lone company in the sector.

JSE chief executive, Nicky Newton-King, said the exchange was delighted in acquiring another company that is part of Brimstone because of its commitment to transformation.

“Transformation in our country’s capital markets is important to us and this listing represents the progress being made in providing South Africans with an opportunity to invest in companies that boast strong transformation credentials,” Newton-King said.