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Sekunjalo Investments Ltd
ISIN: ZAE000017893
JSE SHARE CODE: SKJ
Sekunjalo Investments Ltd said today it had increased its stake in Premier
Fishing SA (Pty) Ltd from 56% to 80% through a R70 million recapitalization
funded by the Business Banking division of Nedbank Corporate.
Sekunjalo"s CEO, Dr Iqbal Surve, said the additional 24% stake in Premier
Fishing, whose best known consumer brands are Redro and Pecks Anchovette fish
spreads, was acquired from the Industrial Development Corporation and a
management trust. A workers" trust held the remaining 20%.
"The transaction cements Sekunjalo"s position as a driver of empowerment in the
fishing industry, "he said.
"Premier Fishing is already the only large major black controlled controlled
fishing company in South Africa and a large employer in areas such as the West
Coast. This positions us to extend our engagement of smaller group and
individual fishing operations to more joint ventures and projects involving
coastal communities. It is also a growth platform for further acquisitions in
the fishing industry and an opportunity to bring on board strategic partners."
Dr Surve said Sekunjalo, with the help of employees and project partners, had
built significant value in Premier Fishing with its 56% stake and would now be
able to develop this further. Sekunjalo, recently judged top BEE market
performer by Business Map Foundation, also has other industrial, health care and
information technology interests.
"As indicated last month in the interim results announcement, Premier Fishing
has performed favourably and continues to export to Asia, Europe and the USA.
Although the short term outlook arising from the impact of a stronger Rand and
the outbreak of the SARS epidemic in Asia points to lower second half earnings,
we remain confident about the business and prospects for the fishing industry.
"Premier Fishing is well positioned for growth thanks to stability in the
industry through the allocation of four-year quotas, global demand for lobster
and fish meal, and a bigger market for canned pilchards, fish spreads and
organic fertilizer brands, " said Dr Surve.
The company which has invested in an abalone aquaculture farm, was committed to
developing the abalone resource.
Phillip Wessels, a director of Nedbank Corporate and responsible for southern
operations of Nedbank Business Banking (which includes BoE Bank), said the
funding further reflected Nedbank Corporate"s wish to play a pivotal role in
black economic empowerment financing.
"We view this transaction, initiated through BoE Bank, as a major step in black
empowerment financing in the Western Cape. We are pleased to be able to announce
our role so soon after the recent summit on BEE financing in the province. We
hope to build on this and on our involvement in other major recent transactions
in the petroleum and minerals sectors with Total SA and Harmony and ARMGold. "
ends
Date: 10/06/2003 03:36:43 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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