Sea Harvest lists 42% of company, raises R1.3 billion

The Sea Harvest Group raised a staggering R1.3 billion by listing 42% of the company on the JSE, where it floated its shares at R12.50 each, leading to a group market capitalisation of some R3.14 billion. The company has said this will allow it to realise its vision of becoming a diversified global seafood company.

Sea Harvest said in a press release:

"Through the capital raise, Sea Harvest will settle all debt and continue to fund its growth trajectory, which is underpinned by the recent c. ZAR 500m outlay on vessels and infrastructure to improve operational efficiencies, long-term sustainability and margins, as well as the acquisition of a 55.9% majority stake in Australian Stock Exchange listed agribusiness, Mareterram."

Pictured: Sea Harvest CFO, John Paul De Freitas