Sea Harvest lists on JSE mainboard

Sea Harvest, a prominent fishing company, has made a splash by listing its shares on the JSE mainboard. This move comes on the heels of another fishing company, Premier Fishing, also listing recently. Felix Ratheb, the CEO of Sea Harvest, sat down with CNBC Africa to shed light on the company's strategies as a newly listed entity. The timing of the listing, according to Ratheb, is purely coincidental, with the aim of broadening access and offering more participation opportunities in the industry. Sea Harvest, founded in 1964, has embarked on a transformative journey to reach this point. Ratheb expressed gratitude towards everyone involved in this milestone achievement. The company's listing opened at around 1350, signifying a positive start to this new chapter. The primary objective behind going public was to repay debt and bolster the company's balance sheet. With a significant infusion of capital from the listing, Ratheb and his team are eyeing strategic acquisitions and organic growth opportunities. Ratheb exudes enthusiasm and confidence about the future trajectory of Sea Harvest, citing the exceptional team and supportive shareholders as pillars of strength. One of the key focal points of the interview was Sea Harvest's expansion plans, particularly in Australia and within Africa. Ratheb discussed the company's foray into the Australian market, highlighting the acquisition of a controlling stake in a local entity. The synergies identified in Australia present a promising avenue for further growth. Moreover, Ratheb underscored the ample opportunities within Africa, emphasizing Sea Harvest's commitment to bolstering its black ownership credentials. Post-listing, the company is poised to reach an impressive 80% black ownership, a testament to its evolution from its origins under Tiger Brands to its current status as a listed entity. Ratheb acknowledged the pivotal role played by longstanding shareholders like Brimstone in Sea Harvest's journey. Investors who showed significant interest in Sea Harvest's shares prior to the listing date were rewarded with an increase in the offer size. Ratheb addressed the expectations of these investors, assuring them of a profitable future ahead. With a robust shareholder base and a focus on prudent management practices, Sea Harvest aims to deliver sustainable returns and drive profitability. Ratheb emphasized the company's international footprint, operating in 22 countries and generating 60% of its revenue in foreign currencies. This global presence provides a hedge against currency fluctuations and positions Sea Harvest for long-term success. Despite challenges posed by a stronger rand, Ratheb views it as an opportunity to enhance operational efficiency and optimize cost structures. As Sea Harvest sets sail on its new venture as a listed company, Ratheb hinted at the possibility of dividends for shareholders this year. The company's dividend policy involves maintaining a two and a half to three times dividend cover, contingent upon the prevailing market conditions and acquisition opportunities in the pipeline. Ratheb exuded gratitude towards the JSE for facilitating the listing process and expressed optimism about the future prospects of Sea Harvest. With a prudent growth strategy, a seasoned management team, and a commitment to value creation, Sea Harvest stands poised to navigate the dynamic waters of the fishing industry with confidence and conviction.