SEA HARVEST GROUP LIMITED - Update on the acquisition of Terrasan

Update on the acquisition of Terrasan

SEA HARVEST GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 2008/001066/06
Share code: SHG     ISIN: ZAE000240198
("Sea Harvest" or "the Company")


UPDATE ON THE ACQUISITION OF TERRASAN


   Sea Harvest shareholders ("Shareholders") are referred to the joint firm intention announcement dated Monday,
   22 January 2024 and circular distributed to Shareholders Friday, 26 January 2024 which related to:


       •   Sea Harvest Pelagic Fishing Proprietary Limited acquiring from Terrasan Beleggings Proprietary Limited
           ("Terrasan Beleggings") 100% of all the issued ordinary shares in and loan claims against West Point
           Fishing Corporation Proprietary Limited, and 100% of all the issued ordinary shares in and loan claims
           against Saldanha Sales and Marketing Proprietary Limited (together "Saldanha"); and
       •   Sea Harvest Aquaculture Proprietary Limited acquiring from Terrasan Beleggings 63.07% of all the
           issued shares in and loan claims against Aqunion Proprietary Limited ("Aqunion"),


       (the "Transaction").


   Shareholders are advised that the all the conditions precedent have been met and the Transaction has been
   successfully concluded.


   Saldanha was founded in 1905 in St Helena Bay and brings a 119-year history and a new basket of
   complementary products to Sea Harvest. Aqunion was one of the first abalone farms in South Africa and will add
   considerable value and expertise to Sea Harvest's existing abalone business.


   Sea Harvest welcomes Terassan Beleggings, with a rich history of 60 years, as its second largest shareholder.
   This transformative transaction creates the largest abalone business in the Southern Hemisphere and one of the
   largest black-owned diversified fishing businesses in South Africa.


Cape Town
14 May 2024

Financial Advisor and Transaction Sponsor
The Standard Bank of South Africa Limited

Legal Advisor
Webber Wentzel

Date: 14-05-2024 04:30:00
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