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(Ecofin Agency) – Four months after the start of the process of buying the fishing units of MG Kailis Proprietary, in Australia, Sea Harvest Group, a subsidiary of Brimstone Investment, finalizes the transaction with the obtaining of the approvals of the shareholders and the authorities regulations of the countries concerned.

Sea Harvest Group Limited, the 54%-owned subsidiary of South African investor Brimstone Investment Corporation, completed on Monday 23 May the acquisition of the Western Australia-based fishing business of the trading company Seafood and Fish and Shrimp Trawling, MG Kailis Proprietary Limited. The completion of this acquisition has been notified to the Johannesburg Stock Exchange where Sea Harvest Group is listed.

“Shareholders are advised that all conditions precedent have now been satisfied. Accordingly, the transaction is now unconditional and has been completed,” briefly announced a note published on the Johannesburg Stock Exchange,

The current acquisition was initiated in January 2022. Investor Brimstone’s fishing unit had offered A$70 million (approximately US$50 million) to acquire all of MG Kailis’ fishing assets, including vessels, plant and equipment, licenses and prawn fishing rights in the Pilbara region of Western Australia.

This acquisition is a step in executing Sea Harvest Group’s growth strategy of continuing to diversify internationally into high-value produce and seafood. The acquired assets will be owned by Sea Harvest Marine, a new wholly owned subsidiary of Sea Harvest Australia, the Australian subsidiary of Sea Harvest Group.

Chamberline MOKO