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COMMERCIAL NEWS | THE BUSINESS END
SEA HARVEST HAULS IN MARETERRAM
South African fishing and food business
Sea Harvest will shortly become the
sole shareholder in Western Australian
prawn and mackerel fishing company
Mareterram.
With a fleet of 11 trawlers,
Mareterram Fisheries is the single
largest owner operator within the Shark
Bay Prawn Managed Fishery.
In February Sea Harvest announced
one of its wholly-owned subsidiaries
had entered into a bid implementation
agreement with Mareterram regarding
the potential acquisition of the 43.7 per
cent of shares in Mareterram which it
did not already own.
At the time Sea Harvest Group
CEO, Felix Ratheb, said: “Sea Harvesthas a long history with Mareterram, a
vertically integrated, sustainable agri-
business. The journey began with the
signing of an agency agreement with
the Craig Mostyn Group (Mareterram’s
predecessor) more than 50 years ago.
In line with Sea Harvest’s organic
and acquisitive growth strategy, we
successfully acquired a 19.9 per cent
share in the Mareterram in January
2016, which was increased to the current
56.3 per cent in July 2016. This latest bid
is therefore in line with our strategy, but
more importantly, will allow us to extract
operational synergies, whilst supporting
Mareterram’s growth strategy.”
Ratheb said that full ownership of
Mareterram would enable Sea Harvestto fast-track the group’s growth
objectives, including continuing to
diversify its earnings and increasing its
market share and presence in Australia.
Sea Harvest offered 25 cents per
Mareterram share, thereby, valuing the
entire issued capital of the business at
approximately $38.6-million.
In April, Sea Harvest provided
an update, saying it had received
acceptances from Mareterram
shareholders for the offer resulting in
a holding of 95.36 per cent and that it
would commence with the compulsory
acquisition of the balance of the shares.
Full ownership was expected to be
completed by the end of May.Maersk Master has commenced anchor
installation for the Chevron-operated Gorgon
Stage Two drilling program.
The Starfish class anchor handling tug
suppy (AHTS) vessel is seen here at the berth
in Dampier after load out. It and its sistership
Maersk Mariner are contracted to provide
towing, anchor handling, supply and work
ROV services for the program.Master
At Work