The Public Investment Corporation, which manages the Government Employees Pension Fund (GEPF), has sold its entire stake in Premier Fishing and Brands, a firm controlled by Iqbal Survé.
According to Premier’s most recent annual report for its 2021 year, the GEPF held 51-million shares, accounting for 19.73% of the company. A JSE regulatory news service announcement on Wednesday put the GEPF holding at zero.
Over the past few months, the PIC has been selling shares to black-owned asset management company 3 Laws Capital, which is majority owned by Survé’s family investment company Sekunjalo Investment Holdings. 3 Laws Capital now owns 30% of the lobster, fish and abalone company, up from just more than 9% in 2021.
The Survé-controlled African Equity Empowerment Investments (AEEI) stable, the parent company of Ayo Technology Solutions, owns at least 56% of Premier.
Premier was 65% owned by companies associated with Survé before the PIC sold down its 19.7% stake, with about 86% of the firm now owned by Survé companies.
Due to the sale the company now has so few public shareholders it could easily be delisted from the JSE if Survé decides to buy out the minorities.
When Premier was listed in 2017, the shares were sold at R4.50, giving the firm an initial market of more than R1bn. Premier’s lightly traded shares are now worth 83c, giving it a market capitalisation of R216m.
Premier, which is profitable, specialises in the harvesting, processing, sale and distribution of various products and fish species, including lobster and abalone.
As banks try to distance themselves from Sekunjalo companies, Nedbank in February tried to withdraw Premier’s banking facilities. However the bank lost an urgent Equality Court case on this in June and was forced to keep Premier’s accounts open subject to a final court ruling.
Standard Bank said on Tuesday it will no longer provide banking facilities to the Sekunjalo group of companies, citing reputational risk, joining Absa, Capitec and Investec who have already cut ties with the group.
The Mpati commission of inquiry specifically investigated PIC investments into Survé’s firms, most notably a R4.3bn investment into Ayo and found them “questionable” but Survé has denied any claims of wrongdoing.
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