Sea Harvest acquires 19.9% of Australian company, Mareterram Limited

Sea Harvest is proud to announce a 19.9% investment in Perth-based Company, Mareterram Limited, which recently listed on the Australian Stock Exchange (ASX).

Mareterram is a vertically integrated agri-business with operations currently encompassing:

• The business assets of Western Australian based Nor-West Seafoods Pty Ltd, a 45 year old MSC certified fishing  company that harvests and processes wild caught king and tiger prawns, as well as scallops; and
• The business assets of the Craig Mostyn Group Food Service Division, a 50 year old Australian business that markets and sells Sea Harvest’s hake products, the Nor-West Seafood basket, together with other seafood and related products to the food service and retail trade. Importantly, the Craig Mostyn Group, with revenues of $420m, has distributed Sea Harvest’s products in Australia for the last 50 years.

Sea Harvest Chief Executive Officer (CEO), Felix Ratheb, says, “The investment in Mareterram allows Sea Harvest to diversify its earnings away from a single specie hake resource and gives us a firm foothold to increase our market share and presence in Australia in a hard currency.”

Following the successful January 2016 re-compliance listing of Mareterram on the ASX, founding Chairman, Peter Hutchinson, commented, “We are excited at having achieved this milestone, and are very pleased with the strong support from all stakeholders, including leading industry participants Sea Harvest and the Craig Mostyn Group, who will also be substantial shareholders. We welcome all shareholders and look forward to delivering growth and driving value as a vertically integrated ASX-listed agri-business.”

The previous CEO of the Craig Mostyn Group, David Lock, has accepted the position of CEO and Managing Director of Mareterram, effective from January 01, 2016. Hutchinson added that he was delighted to have attracted someone of Lock’s calibre to lead the company through what is shaping to be a very exciting period. “David’s decision to join the company and be responsible for driving the business and its strategy is a strong endorsement of the early efforts to establish a high quality, diversified agri-business platform based out of Western Australia. We are also very fortunate to have access to Sea Harvest’s CEO, Felix Ratheb, as he brings a wealth of experience in running a large vertically integrated food business.”

Ratheb was recently appointed to the Marine Stewardship Council (MSC) Board and is also on the Executive Committee of the Global Groundfish Forum.

According to Chairman of Sea Harvest and Brimstone Investment Corporation, Fred Robertson, the Mareterram strategy, which is very much aligned to that of Sea Harvest, is centred on using a platform of wild caught, MSC certified seafood to build a broader-based food business.

For more information about Sea Harvest Corporation visit www.seaharvest.co.za