Sea Harvest Group Announces The Acquisition Of A Further 28% Equity Interest In Viking Aquaculture
Sea Harvest Group Announces The Acquisition Of A Further 28% Equity Interest In Viking Aquaculture. The board of directors of Sea Harvest Group have announced that through its wholly-owned subsidiary, Sea Harvest Aquaculture which currently owns 54% of the shares in Viking Aquaculture Proprietary Limited, entered into an agreement to acquire a further 28% of the shares in and loan claims against Viking Aquaculture for a purchase consideration of R210,000,028 (two hundred and ten million and twenty-eight rand) from minority shareholders of Viking Aquaculture, being Viking Fishing Group and Odin Investments, which hold an 18% and a 10% interest in Viking Aquaculture respectively.
Viking Aquaculture is a vertically integrated, sustainable abalone producer with farms in Buffeljags in the Western Cape and Kleinzee in the Northern Cape producing 500 tons of abalone per annum. These high value, high margin aquaculture species are sold in Far Eastmarkets in live, dried, canned and frozen formats. Viking Aquaculture also has two vertically integrated oyster farming operations in South Africa and Namibia.
Sea Harvest’s strategy encompasses growth in the sustainable fishing and high-value aquaculture sectors in line with Sea Harvest’s vision of becoming one of the largest black owned diversified global seafood and food companies. The Further Acquisition fits within Sea Harvest’s investment criteria and increases Sea Harvest’s ownership in Viking Aquaculture from 54% to 82%, allowing Sea Harvest to integrate Viking Aquaculture, extract operational synergies and align operating structure, growth strategies and funding requirements with that of Sea Harvest.
The Sea Harvest Group is a leading seafood, aquaculture, agri-processing and branded fast-moving consumer goods (FMCG) business with a global footprint. Sea Harvest was established in 1964 and has developed a strong reputation and solid long-term relationships with its geographically diverse international customer base.
