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Mareterram fishing vessels. (Photo: Marreterram)

Sea Harvest plans to expand control over Australian firm

  (SOUTH AFRICA, 4/11/2016)

Sea Harvest, which already owns 19.9 per cent of fishing fleet operator and seafood trader Mareterram, has made a proportional takeover bid to buy more shares and gain control of the Australian company.

If all the shareholders of the Australian firm accept the Sea Harvest offer, its stake will rise to a maximum of about 59.6 per cent for a total cash payment of about AUD 19.7 million (USD 14.9 million), AAP reported.

The Australian firm has recommended that shareholders accept Sea Harvest's offer in the absence of a superior proposal, with the company's directors and four major shareholders intending to accept.

"This is an outstanding result for Mareterram and its shareholders," Mareterram managing director David Lock said.

"To be more closely aligned with a high-quality company with the fishing industry expertise and experience of Sea Harvest is an exciting and significant development for our growing company," Lock pointed out.

For his part, Sea Harvest chief executive Felix Ratheb said his company had confidence in Mareterram and believed that lifting the shareholding would help Mareterram grow and diversify.

Mareterram holds 10 prawn fishing licences for Western Australia's Shark Bay and operates 10 trawlers based at Carnarvon, targeting king and tiger prawns.The company also operates a food services division that imports frozen seafood and potato products, which it sells to national supermarkets and other customers.

Cape Town-based Sea Harvest is one of the largest fishing companies in South Africa, owning 12 deep-sea trawlers and three processing plants.
 


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Information of the company:
Address: Boulevard Office Park, Searle Street - P.O. Box 761
City: Woodstock
State/ZIP: (7925)
Country: South Africa
Phone: +27 21 468 7900
Fax: +27 21 465 5883
E-Mail: [email protected]
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