Business Report

Premier Fishing and Brands renews BEE deal cautionary

Premier Fishing and Brands renews BEE deal cautionary

Premier Fishing and Brands renews BEE deal cautionary

By Philippa Larkin Time of article published 34m ago

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JOHANNESBURG – JSE-LISTED Premier Fishing and Brands, one of the largest black-owned and managed fishing companies in South Africa, yesterday renewed its cautionary announcement regarding the proposed broad-based black economic (BEE) empowerment transaction, saying negotiations were still ongoing.

“Shareholders are referred to the cautionary announcement dated 1 October 2020 and the subsequent renewal of such cautionary announcement dated 12 November 2020 regarding the proposed broad-based black economic empowerment transaction to be implemented at Premier Fishing SA Proprietary Limited, ” it said.

In October, Premier Fishing SA (PFSA), a division of JSE listed Group Premier Fishing and Brands Limited, announced it was issuing shares to its 900 employees.

In one of the largest transactions of its kind in the country and the fishing sector, PFSA will be transferring 30 percent of the company shares in a vendor financed transaction of which 20 percent would be attributed to an employee share trust and 10 percent to a BEE consortium through a special purpose vehicle.

PFSA is expanding, and has one of the largest and most advanced environmentally friendly abalone farms, situated in Gansbaai, with an annual production output of about 190 tons, which it markets in China, Hong Kong and Taiwan.

Shareholders yesterday were advised that negotiations in respect of the transaction were still ongoing and advised to continue to exercise caution when dealing in the company’s securities until a further announcement was made.

The Premier Fishing and Brands is involved in commercial fishing, fish processing, marketing and sales to local and international clients. Its diversified product basket includes niche products (lobster, octopus, squid, pilchards, anchovies, hake, and horse mackerel) and it manufactures Seagro, an environmentally-friendly fertiliser product.

The group also manages sustainable aquaculture farming through its abalone farm.

Premier Fishing and Brands earlier this month announced it had recently employed 79 additional staff at its Marine Growers abalone farm.

BUSINESS REPORT ONLINE

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