Sea Harvest to buy Viking Fishing assets

Sea Harvest is leading a consortium of black investors in the purchase of Viking Fishing for R885 million.

Pictured: Sea Harvest CFO John Paul De Freitas

Sea Harvest, a South African supplier of frozen fish, is leading a consortium of investors in the purchase of Viking Fishing, another local company, which operates a fleet of 30 vessels along coast, from Cape Town to Maputo.

According to Reuters, Sea Harvest said in December that it was heading a consortium of B-BBEE investors in talks to acquire the entire business of Viking Fishing, as well as a 51 percent stake in Viking Aquaculture.

According to a statement by Sea Harvest, the deal will be funded by the consortium through a combination of cash, bank loans, an issue of 19.2 million Sea Harvest ordinary shares, and vendor funding.

The deal has a pricetag of R885 million.