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South African Primstone Investment Acquires Australian Fisheries Business From Owner MG Kylis

South African Primstone Investment Acquires Australian Fisheries Business From Owner MG Kylis

(Ecofin Agency) – Sea Harvest Group, a subsidiary of Primstone Investment, finalizes the transaction by obtaining shareholders’ approval four months after the acquisition of the MG Kylis owner’s fishing units in Australia. Rules of the authorities of the countries concerned.

Sea Harvest Group Ltd., a 54%-owned subsidiary of South African investor Primstone Investment Corporation, completed the acquisition on Monday, May 23, of the acquisition of Western Australia-based seafood and fish and shrimp trawler MG Kylis Proprietary Limited. The acquisition was announced on the Johannesburg Stock Exchange, where the Marine Harvest Group is listed.

“Stakeholders are advised that all conditions are now satisfied. Accordingly, the transaction is now unconditional and completed. Johannesburg Stock Exchange announces brief note,

The current acquisition was launched in January 2022. Investor Primstone’s Fisheries Division paid A $ 70 million (approximately US $ 50 million) to acquire all of Kylie’s fishing assets, including vessels, plant and equipment, licenses and shrimp fishing rights in the Bilbara region. Western Australia.

The acquisition is a step towards the diversification of high value products and seafood internationally following the development strategy of the Marine Harvest Group. Acquired assets are owned by Sea Harvest Marine, the new wholly owned subsidiary of Sea Harvest Australia, the Australian subsidiary of Sea Harvest Group.

Chamberline Mogo

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