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Premier Fishing and Brands is set to delist on 1 August following a buyout offer to minority shareholders by Sekunjalo Investment Holdings, the firm founded and chaired by Iqbal Survé.
In December 2022, African Equity Empowerment Investments (AEEI), a company Sekunjalo controls, had offered R1.60 to minority shareholders collectively holding 6.14% of Premier, representing a more than 60% premium to group's shares just before the offer was made.
An independent expert - Exchange Sponsors - found the offer fair and reasonable for participants, determining a value range for the shares of between 124c and 166c.
Sekunjalo had taken over the offer from AEEI, with shareholders voting in favour of the scheme in June.
Premier has previously said its board is of the opinion that its listing was no longer benefitting the group, due to the illiquidity and low free float of its shares, as well as the substantial administrative costs and management burden.
The group, valued at about R260 million on the JSE, listed in 2017 at R4.90 per share.
The company's second-largest shareholder, the Public Investment Corporation, had sold its 20% stake at a loss in 2022.
READ | PIC sells entire 20% stake in Iqbal Survé-linked Premier Fishing & Brands at steep loss
Premier is a fishing and aquaculture group that has existed since 1952, and is predominantly involved in commercial fishing, fish processing and the marketing of its products.
This includes sustainable aquaculture through its abalone farm in Gansbaai harbour and the manufacturing of Seagro, an environmentally friendly fertiliser product. The company employed over 750 people as of its 2022 year.
