June 13, 2018 / 9:38 AM / 4 months ago

South Africa's Sea Harvest to buy Viking Fishing assets for $66 mln

JOHANNESBURG, June 13 (Reuters) - South African frozen fish supplier Sea Harvest Group said on Tuesday a consortium of black investors it leads will buy the fishing business of domestic peer Viking Fishing Group for 885 million rand ($66 million).

Sea Harvest announced in December that it was heading a consortium of broad-based black economic empowerment investors that was in talks to acquire Viking Fishing’s entire fishing business and a 51 percent stake in Viking Aquaculture.

The deal will be funded by the consortium through a combination of cash, bank loans, an issue of 19.2 million Sea Harvest ordinary shares and vendor funding, Cape Town-based Sea Harvest said in a statement.

Since listing in 2017, Sea Harvest has actively sought to grow its business through acquisitions.

Privately held Viking Group was founded in 1980 and its fishing business operates a fleet of 30 vessels along the South Africa coast from Cape Town to Maputo in Mozambique. ($1 = 13.3342 rand) (Reporting by Nqobile Dludla Editing by James Macharia)

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